American Radio Systems and Henry Broadcasting Company sign merger agreement.BOSTON--(BUSINESS WIRE)--March 21, 1996--Two radio group owners, 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 ) and Henry Broadcasting Co. of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , today announced that they had entered into a formal agreement regarding a merger of the two firms. Under the agreement, Henry Broadcasting 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. , Charlton Buckley, will receive shares of America Radio Systems common stock having a market value of approximately $64 million. Combined with an additional cash consideration and the assumption of existing debt, the merger has an aggregate transaction value of approximately $115 million. Henry Broadcasting Co. owns and operates radio stations KUFO-FM and KBBT-AM in Portland, Ore.; KYMX-FM and KCTC-AM in Sacramento; KSKS-FM, KKDJ-FM and KMJ-AM in Fresno; and KGOR-FM and KFAB-AM in Omaha. American's Chairman and CEO, Steven B. Dodge, stated, "we've been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. an opportunity to enter some attractive Western markets, and our merger with Henry Broadcasting accomplishes that objective. These are fine facilities with strong current performance and the potential to grow. We look forward to our association with Charlton Buckley as a director and substantial shareholder of American Radio Systems." Elliot Evers of Media Venture Partners represented Henry Broadcasting in this transaction. American Radio Systems Corp. began trading shares publicly in June 1995 on NASDAQ. The company owns and/or operates 15 FM and nine AM station in Boston, Baltimore, Hartford, Austin, Buffalo, West Palm Beach, Rochester and Dayton. The company also has options and/or agreements to buy additional radio stations in Boston, Buffalo, Dayton, Detroit, Hartford, Las Vegas, Philadelphia, Rochester and West Palm Beach. 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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