American Radio Systems and Marlin Broadcasting sign letter of intent for merger.BOSTON--(BUSINESS WIRE)--Oct. 24, 1995--Two Boston-based radio group owners, Marlin Broadcasting Inc. and American Radio Systems Corp. (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 ), today announced that they had entered into a letter of intent regarding a merger of the two firms. The proposed agreement will provide that Marlin Broadcasting's President Howard (Woody Woody Slang to describe when the market has a strong and quick upward movement. Notes: For example, you'll hear "the market has a woody," when the market is performing well... seriously, we don't make this stuff up. ) Tanger, will have the right and obligation to purchase, simultaneously with the merger, Marlin's Miami radio station, WTMI-FM, and certain real estate interests in Philadelphia. The transaction is subject to the successful negotiation of a definitive merger agreement, customary due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and regulatory approval. American's President and Chief Executive Officer, Steven B. Dodge, said, "We have always viewed Marlin Broadcasting as a classy class·y adj. class·i·er, class·i·est Informal Highly stylish; elegant. class  i·ness n. , well-run and high integrity company. We are delighted to have the opportunity to acquire Marlin's Philadelphia and Detroit stations, and we view classical as a viable, growth format in these markets. We look forward to working closely with Woody Tanger and his people to effect a smooth transition." Tanger issued the following comments. "American Radio offers our audience, employees and advertisers an opportunity to flourish with one of America's fastest-growing, and most respected, communications companies Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. ." The enterprise value of the transaction is estimated to be approximately $70 million before adjustments at the closing and before giving effect to Tanger's purchase of Miami from the merged companies. Marlin Broadcasting owns and operates two other radio stations, WQRS-FM, Detroit, and WFLN-FM, Philadelphia, which, like WTMI WTMI Way Too Much Information , program classical music. American Radio Systems owns and operates 21 radio stations in seven markets and operates three others pursuant to a time brokerage agreement. In addition, it has entered into agreements or holds options to purchase four other stations, subject to the relaxation of ownership limits as proposed in legislation passed by Congress this year. Blackburn and Company Inc. represented American Radio Systems in this transaction. American Radio Systems Corp. began trading shares publicly on June 8, 1995 on 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 . It presently operates in Boston, Hartford, Rochester, Buffalo, Dayton, Baltimore, West Palm Beach Austin. CONTACT: American Radio Systems Steven Dodge or Joseph Winn, 617/375-7500 or Marlin Broadcasting Woody Tanger, 617/267-0515 |
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