American Radio Systems and Chancellor Broadcasting Company announce station exchange.BOSTON--(BUSINESS WIRE)--June 24, 1996--American Radio Systems (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 ) and Chancellor Broadcasting Company Noun 1. broadcasting company - a company that manages tv or radio stations company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" today announced that they have signed a letter of intent to exchange radio stations in West Palm Beach, Fla. and Sacramento, Calif. American will swap radio stations KSTE-AM, Rancho Cordova Rancho Cordova (răn`chō kôrdō`və), uninc. residential city (1990 pop. 48,731), Sacramento co., N Calif. A suburb of Sacramento, it experienced rapid growth in the late 20th cent. , plus $33 million in cash in exchange for Chancellor's WEAT-FM, WEAT-AM and WOLL-FM in West Palm Beach. Rancho Cordova is part of the Sacramento radio market. Pending FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. approval, this transaction is expected to close in early 1997. American Radio signed an asset purchase agreement to acquire the Rancho Cordova station from Fuller-Jeffrey Broadcasting on March 26 and Chancellor signed an asset purchase agreement to acquire the Florida stations from Omni-America Group on May 14. Steven B. Dodge, America'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, "While we were reluctant to give up KSTE-AM in Sacramento, the ownership of WEAT-FM, WEAT-AM and WOLL-FM is critical to our strategic positioning in West Palm Beach. We've enjoyed our dialogue with Chancellor's management team and we look forward to completing this transaction." Steven Dinetz, Chancellor's president and CEO, stated, "This station exchange reflects our focus on developing leading station clusters in large, rapidly growing markets across the country. We look forward to working with American Radio in closing this transaction." Star Media Group represented Chancellor Broadcasting Co. in this transaction. American Radio Systems Corp. began trading publicly in June 1995 on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . The company owns and/or manages twenty-five FM and eleven 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 Baltimore, Portland, Sacramento, Hartford, Las Vegas, San Jose, Buffalo, West Palm Beach, Rochester, Fresno, Omaha and Dayton. CONTACT: American Radio Systems Bruce Danziger, 617/375-7500 |
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