American Radio Systems acquires WWMX-FM and WOCT-FM, Baltimore, Maryland.BOSTON--(BUSINESS WIRE)--Sept. 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 reached an agreement to acquire radio stations WWMX-FM and WOCT-FM in Baltimore from Capitol Broadcasting Company Capitol Broadcasting Company is a TV and radio broadcast company based in Raleigh, North Carolina. Broadcast Stations Capitol Broadcasting Company owns and operates the following stations: TV
WWMX WWMX World-Wide Media eXchange will be acquired for approximately $60,000,000, and WOCT will be acquired for approximately $30,00,000. 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. American will be responsible for the management of the stations under a Local Marketing Agreement commencing October 1. 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, "We've had opportunities to acquire other radio stations in Baltimore since we bought WQSR, but WWMX and WOCT are the ones we wanted. These are high quality stations with solid market position, and they'll provide a nice complement to our existing properties. We're very pleased to be able to increase our presence in what we believe is one of the best radio markets in the country." American Radio Systems Corp. began trading shares publicly in June 1995 on NASDAQ. The company owns and/or manages 42 FM and 21 AM stations in Boston, Baltimore, Portland, Sacramento, Hartford, Las Vegas, Austin, Buffalo, San Jose, West Palm Beach, Rochester, Dayton, Fresno and Omaha. The company also has options and/or agreements to buy additional stations in Boston, Baltimore, Sacramento, Las Vegas, Buffalo, San Jose, West Palm Beach, Rochester, Dayton and Fresno. In addition, on August 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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