American Radio Systems acquires WVOR-FM, WHAM-AM, WPXY-FM and WHTK-AM, Rochester, N.Y.BOSTON--(BUSINESS WIRE)--Feb. 23, 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 four radio stations in Rochester, N.Y., currently owned by the Lincoln Group The Lincoln Group (formerly known as Iraqex) is a Washington, DC contractor with operations in Iraq hired by the United States military to perform public relations. They operate from the Green Zone at Sector 222, 34th St, Bldg 5 Karatet Mariam, Baghdad, Iraq and 1130 17th St. L.P. The stations being acquired are WVOR-FM, WHAM-AM, WPXY-FM and WHTK-AM. The aggregate purchase price is $30,500,000. 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. ; however, the acquisition is permitted under the Telecommunications Act There are several laws named the Telecommunications Act
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, "Bud Wertheimer and the Lincoln Group have set a very high standard for broadcasting excellence in Rochester for many years, and we feel very fortunate to have the opportunity to carry their fine tradition forward. We anticipate very few organizational changes, and we are committed to serving the stations' listeners and clients as well as they have been served in the past. The consummation of this transaction also reflects our continued confidence in Rochester as a stable and growing market with a supportive and prosperous business community." Blackburn & Co. Inc. acted as the broker in this transaction. American Radio Systems Corp. began trading shares publicly in June 1995 on NASDAQ. In addition to its Rochester stations, the company owns and/or operates 13 FM and eight AM stations in Boston, Baltimore, Hartford, Buffalo, West Palm Beach, Dayton and Austin. The company also has options and/or agreements to buy additional radio stations in Boston, Hartford, Buffalo, West Palm Beach and Dayton. CONTACT: American Radio Systems Joe Winn/Bruce Danziger 617/375-7500 |
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