American Radio Systems announces global settlement with Department of Justice.BOSTON--(BUSINESS WIRE)--Feb. 27, 1997--American Radio Systems Corp. (NYSE NYSE See: New York Stock Exchange : AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. ) has reached an agreement with the U.S. Department of Justice Antitrust Division relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc all of the company's merger and transaction investigations currently in process. Pursuant to the agreement, American will divest radio station KSSJ-FM, Shingle Springs, Calif., which will leave the company at the Federal Communications Commission's ownership limit of five FMs in the Sacramento market. EZ Communications EZ Communications, Inc. was a corporation with its headquarters in Fairfax, Virginia. In the 1970s, the small company was one of the pioneers of the easy listening on the FM broadcasting radio spectrum with 2 stations in Manassas and Richmond. , which will be merged into American as a result of a separate transaction, has agreed with the Antitrust Division to bring itself within the FCC's ownership restrictions by divesting radio station WRFX-FM in Charlotte, N.C. These two actions clear the way for the Antitrust Division to withdraw Civil Investigative Demands and close merger investigations that in turn will permit numerous other interrelated in·ter·re·late tr. & intr.v. in·ter·re·lat·ed, in·ter·re·lat·ing, in·ter·re·lates To place in or come into mutual relationship. in purchases, sales and swaps to consummated, subject in some cases to 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. 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 are emerging from this settlement with a full complement of five highly competitive FM facilities in all of the markets which may have been of interest to the Antitrust Division. We are retaining those FMs which we believe have the greatest potential to grow and gain significant market share over a period of time. We are also retaining those AM stations which we believe have the ability to grow and contribute meaningfully to the profit potential of the company. "We are pleased to be able to eliminate whatever investor uncertainty the Antitrust Division's review of our merger and acquisition activities in selected markets may have caused. We look forward to now being able to focus all of our time and energy on the more productive business of growing the company and fully achieving its strategic objectives." American Radio Systems Corp. began trading shares publicly in June, 1995. The company owns and/or manages 47 FM and 22 AM stations in Boston, Baltimore, Portland, Sacramento, Hartford, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Austin, Buffalo, San Jose, West Palm Beach, Rochester, Dayton and Fresno. The company also has options and/or agreements to buy additional radio stations in Cincinnati, Sacramento, West Palm Beach, Rochester and Fresno. In addition, on Aug. 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/Bruce Danziger 617/375-7500 |
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