American Radio Systems acquires WBGR-AM, Baltimore, Md.BOSTON--(BUSINESS WIRE)--June 4, 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 radio station WBGR-AM, in Baltimore, from Mortenson Broadcasting Co. The station will be acquired for approximately $2,775,000. 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 WQSR-FM and WBMD-AM in Baltimore. Joe Winn, American's chief financial officer, stated, "We look forward to welcoming WBGR-AM to the American team in Baltimore." Mortenson Broadcasting Co. intends to use the proceeds from the sale to acquire additional stations through a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. . Tom Gammon of Americom Radio Brokers 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 25 FM and 11 AM stations in Boston, Baltimore, Sacramento, Hartford, Las Vegas, Austin, Buffalo, West Palm Beach, Rochester and Dayton. The company also has options and/or agreements to buy additional radio stations in Portland, Sacramento, Hartford, Las Vegas, San Jose, Buffalo, 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 |
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