American Radio Systems Successfully Commences Consent Solicitations.BOSTON--(BUSINESS WIRE)--April 22, 1998--American Radio Systems Corporation (NYSE NYSE See: New York Stock Exchange :AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. ) announced today that its consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with with respect to its 9% Senior Subordinated Notes due 2006 and its 9 3/4% Senior Subordinated Notes due 2005 (formerly of EZ Communications EZ Communications, Inc. was a corporation with its headquarters in Fairfax, Virginia. In the 1970s, the small company was one of the pioneers of the easy listening on the FM broadcasting radio spectrum with 2 stations in Manassas and Richmond. , Inc.) expired today at 5:00p.m., eastern standard time. A substantial majority of the holders of each issue have given the requested consent. Accordingly, the amendments as proposed will become effective simultaneously with, and are conditioned upon, consummation of the merger with CBS Corporation. American Radio owns and/or programs and markets approximately 90 radio stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City, Hartford, Las Vegas, Austin, Buffalo, San Francisco/San Jose, West Palm Beach, Rochester, Fresno and Riverside. The Company also has options and/or agreements to buy additional radio stations in Portland, San Francisco/San Jose, West Palm Beach and Austin. On September 19, 1997, American Radio Systems entered into a merger agreement with CBS Corporation, pursuant to which its radio operations will become wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CBS (Cell Broadcast Service) See cell broadcast. . Consummation of the transaction is subject to regulatory approval and is expected in the Spring of this year. As part of the CBS merger, American Radio Systems will distribute to its shareholders its communications tower business. CONTACT: American Radio Systems Corporation Joseph L. Winn, 617/375-7500 |
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