American Radio Systems acquires KSTE-AM, Sacramento, Calif.BOSTON--(BUSINESS WIRE)--March 27, 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 the assets of radio station KSTE-AM, in Rancho Cordova, Calif., from Fullerton-Jeffrey Broadcasting Companies Inc. The station, which will be acquired for approximately $7,250,000, maintains a signal with full market coverage of the Sacramento area. 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 has an agreement to purchase KYMX-FM and KCTC-AM in Sacramento. As part of the transaction, American will be responsible for the management of the station under a local marketing agreement commencing on April 1, 1996. 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, "KSTE KSTE Knowledge Synthesis, Translation and Exchange (annual summer institute) is at an exciting stage of development in a format we really believe in. We look forward to working with the local staff and supporting KSTE's ongoing growth." 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 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, Philadelphia, Detroit, Portland, Hartford, Buffalo, Las Vegas, West Palm Beach, Rochester, Fresno, Omaha and Dayton. CONTACT: American Radio Systems Corp. Joe Winn, Chief Financial Officer or Bruce Danziger, Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. 617/375-7500 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion