American Radio Systems to Sell KSJO-FM, San Jose.BOSTON--(BUSINESS WIRE)--Oct. 14, 1997--America 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. ) announced today that it has reached an agreement to sell radio station KSJO-FM, in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif., to Jacor Communications Inc. The station will be sold for approximately $30,000,000. Consummation of the transaction is subject to regulatory approval. American expects that Jacor will begin programming and marketing the station pursuant to a local management agreement as soon as the required regulatory approval is received. American Radio Systems Corp. began trading shares publicly in June, 1995. The company owns and/or programs and markets approximately 100 radio stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , 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 Francisco/San Jose, West Palm Beach, Rochester, Fresno and Riverside. The company also has options and/or agreements to buy additional radio stations in Portland, San Francisco/San Jose, West Palm Beach, Kansas City, St. Louis and Riverside. On Sept. 19, 1997, American Radio Systems entered into a merger agreement with Westinghouse Electric Corp. pursuant to which its radio operations will become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Westinghouse. Consummation of the transaction is subject to regulatory approval. Prior to and as a condition of the merger, American Radio Systems will distribute to its shareholders its communications tower business. CONTACT: American Radio Systems Joe Winn/Bruce Danziger, (617) 375-7500 |
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