American Radio Systems announces radio station swap with Secret Communications.BOSTON--(BUSINESS WIRE)--May 7, 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 ) today announced that, with regard to the previously announced pending acquisition of radio stations KSFM-FM and KMJI-AM in Sacramento, Calif. from Secret Communications Secret Communications was a radio broadcasting company formed by the April 1994 merger of Booth American Comapay and Broadcast Alchemy. The firm was headed by venture capitalist Frank Wood, who said the name "Secret" was created as a joke, and was eventually acquired by Jacor, and , American will be acquiring those stations and receiving $20 million in cash in exchange for WFLN-FM in Philadelphia and WQRS-FM in Detroit. The latter two stations are under agreement to be acquired by American as part of a previously announced transaction with Marlin Broadcasting. American will be retaining the Philadelphia real estate and tower assets, valued at approximately $3-$4 million. American is currently responsible for the management of the Sacramento stations under a Local Marketing Agreement which commenced on May 1. Immediately upon the closing of the Marlin transaction (projected to be approximately June 1), Secret Communications will assume responsibility for the management of WFLN and WQRS, also under a Local Marketing Agreement. Frank Wood, Secret's president 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, "WQRS will be our third FM in Detroit, demonstrating our commitment to the market. We have no plans to change the format from classical. Strategically, WQRS will help us to fugue fugue (fy  g) [Ital.,=flight], in music, a form of composition in which the basic principle is imitative counterpoint of several voices. our competitors." Steve Dodge, American's chairman and CEO, commented, "We originally talked to Frank about Detroit only, and then one thing led to another. Frank makes doing deals fun and I expect he'll be infecting these stations with a dose of good humor Noun 1. good humor - a cheerful and agreeable mood amiability, good humour, good temper humour, mood, temper, humor - a characteristic (habitual or relatively temporary) state of feeling; "whether he praised or cursed me depended on his temper at the time"; , too. We wish Secret, and the folks associated with WQRS and WFLN, the best." American Radio Systems Corp. began trading shares publicly in June 1995 on NASDAQ. The company owns and/or manages 25 FM and 11 AM stations in Boston, Baltimore, 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, West Palm Beach, Rochester and Dayton. The company also has options and/or agreements to buy additional radio stations in Boston, Portland, Sacramento, Hartford, Las Vegas, San Jose, Buffalo, West Palm Beach, Rochester, Fresno, Omaha and Dayton. CONTACT: American Radio Systems Joe Winn or Bruce Danziger, 617/375-7500 |
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