American Radio Systems acquires KBAY-FM and KKSJ-AM, San Jose, Calif.BOSTON--(BUSINESS WIRE)--Aug. 12, 1996--American Radio Systems Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMRD AMRD Army Modernization Reference Data AMRD Accidental Magic Reversal Department (Harry Potter and the Prisoner of Azkaban) AMRD Automatic Message Routing Device AMRD Ami Mega Raid ) announced today that it has signed a purchase and sale agreement to acquire radio stations KBAY-FM and KKSJ-AM in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. from United Broadcasting Co. The stations will be acquired for approximately $31,000,000. Consummation of the transaction is subject to the approval of the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. . American Radio Systems currently owns KSJO-FM and KUFX-FM in San Jose. American Radio Systems will be managing the stations under a Local Marketing Agreement commencing August 15. Steve Dodge, American's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "KBAY is a station with a great signal in a franchise format with strong current cash flow and enormous growth potential. We're very excited about this acquisition." Elliot Evers of Media Venture Partners acted as the broker in this transaction. American Radio Systems Corp. began trading shares publicly in June 1995 on NASDAQ. The company owns and/or manages 32 FM and 18 AM stations in Boston, Baltimore, Portland, Sacramento, Hartford, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Austin, Buffalo, West Palm Beach, Rochester, Dayton, Fresno and Omaha. The company also has options and/or agreements to buy additional radio stations in Boston, Baltimore, Sacramento, Las Vegas, Buffalo, West Palm Beach, Rochester, Dayton and Fresno. In addition, on Aug. 5, 1996 the company announced that it had reached an agreement to merge with EZ Communications Inc. EZ Communications owns and/or operates 23 radio stations in seven markets nationwide. CONTACT: American Systems Joe Winn, 617/375-7500 |
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