American Radio Systems acquires WGRR-FM, Cincinnati, Ohio.BOSTON--(BUSINESS WIRE)--Jan. 3, 1997--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 reached an agreement to acquire radio station WGRR-FM in Cincinnati from The Dalton Group. The station will be acquired for approximately $30,000,000. 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 has an agreement to own WKRQ-FM in Cincinnati. 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, "This gives us a second quality property in Cincinnati and a solid base from which to grow in an exciting market." George Otwell and Charles Giddens 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 manages 46 FM and 23 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, 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. , West Palm Beach, Rochester, Dayton and Fresno. The company also has options and/or agreements to buy additional radio stations in Boston, Cincinnati, Baltimore, Sacramento, San Jose, 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 Radio Systems Joe Winn or Bruce Danziger, 617/375-7500 |
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