American Radio Systems acquires KLUC-FM and KXNO-AM, Las Vegas, Nevada.BOSTON--(BUSINESS WIRE)--March 14, 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 two radio stations in Las Vegas List of AM stations in Las Vegas:
The stations being acquired are KLUC-FM and KXNO-AM, for an aggregate purchase price of $11,000,000. 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. . Steve Dodge, 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, "We are very excited about our entry into Las Vegas. We view the market as vibrant and fast-growing, and we anticipate building a strong presence there as time goes on." George Otwell and Elliot Evers of Media Venture Partners acted as the brokers in this transaction. American Radio Systems Corp. began trading shares publicly in June 1995 on NASDAQ. The company owns and/or operates 15 FM and nine AM stations in Boston, Baltimore, Hartford, Austin, Buffalo, West Palm Beach, Rochester and Dayton. The company also has options and/or agreements to buy additional radio stations in Boston, Hartford, Buffalo, West Palm Beach, Rochester and Dayton. CONTACT: American Radio Systems Corp. Joe Winn, Chief Financial Officer or Bruce Danziger, Director of Investor Relations 617/375-7500 |
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