American Radio Systems to acquire WNFT-AM, Boston, Mass.BOSTON--(BUSINESS WIRE)--May 15, 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. ) announced today that it has reached an agreement to acquire radio station WNFT-AM in Boston from Greater Media Inc. The purchase price will be approximately $4,500,000. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction is subject to regulatory approval. American Radio Systems currently owns six stations serving the Boston/Worcester area: WBMX-FM, WRKO-AM, WEEI-AM, WEGQ-FM, WAAF-FM and WWTM-AM. David Pearlman, American's co-chief operating officer, stated, "We are excited about expanding our portflio of stations in Boston and deriving additional benefits from our strong existing management team. We have some interesting programming concepts which we look forward to implementing in the near future." Glenn Serafin of Serafin Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Inc. represented the seller in this transaction. American Radio Systems Corp. began trading shares publicly in June 1995. The company owns and/or programs and markets 64 FM and 29 AM 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, Dayton and Fresno. The company also has options and/or agreements to buy additional radio stations in Cincinnati, Portland, San Francisco/San Jose, Pittsburgh, Charlotte, West Palm Beach and Riverside. CONTACT: American Radio Systems Corp. Joe Winn/Bruce Danziger 617/375-7500 |
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