American Radio Systems enters into acquisition agreements for WTIC(AM) and WTIC(FM), Hartford, Conn.BOSTON--(BUSINESS WIRE)--Aug. 11, 1995--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 ) announced today that it has agreed to acquire WTIC WTIC West Texas Intermediate Crude WTIC Wyoming Travel Industry Coalition WTIC World Trade Internet Communications WTIC With Tongue in Cheek WTIC Water Technology International Corporation WTiC Wolframtitancarbid (AM) and WTIC(FM) in Hartford, Conn. together with certain related assets for an aggregate purchase price of approximately $42,000,000, subject to certain adjustments. Consummation of the transaction is subject to the approval of the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. and would not be permitted under the current rules of the 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. because, among other things, American already owns two FM stations in Hartford. However, if the telecommunications bill recently passed by Congress is signed into law, American would be permitted to consummate the transaction. As part of the transaction, American has agreed to purchase the radio stations' tower facilities in Avon, Conn. and has acquired an option to purchase the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Weather Service. Steve Dodge, chairman of American Radio Systems, said, "Being able to acquire legendary stations like WTIC-AM and WTIC-FM presents a unique opportunity for us. In the time we've been operating WZMX-FM, WRCH-FM and WNEZ-AM, we've seen the Hartford market rebound tremendously. We are very hopeful for the success of the WTIC stations in our group." Blackburn & Co. Inc. represented American Radio 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 . The company is concurrently releasing it's second quarter 1995 results in a separate press release. In addition to its Hartford stations, American Radio owns WRKO-AM, WEEI-AM, WBMX-FM and WEGQ-FM, Boston, Mass; WCMF-AM/FM and WRMM-FM, Rochester, N.Y.; WYRK-FM, WJYE-FM and WECK-AM Buffalo, N.Y.; WMMX-FM, WTUE-FM and WONE-AM, Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. ; WIRK-FM, WKGR-FM and WBZT-AM, West Palm Beach, Fla.; and WQSR-FM and WBMD-AM, Baltimore, M.D. American Radio has its headquarters in Boston, Mass. CONTACT: American Radio Systems, Boston Steven B. Dodge or Joseph L. Winn, 617/375-7500 or WTIC Rober Fowler or Arnold Chase, 203/549-1674 |
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