American Radio Systems to sell radio stations in Omaha.BOSTON--(BUSINESS WIRE)--Oct. 18, 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 ) announced today that it has reached an agreement to sell radio stations KGOR-FM and KFAB-AM in Omaha, Neb. to Triathlon Broadcasting Co. The stations will be sold for $39 million. 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. . Triathlon also will be acquiring the exclusive Muzak Franchise for Omaha and Lincoln, Neb. It is expected that the sale will be finalized during the first quarter of 1997. KGOR-FM and KFAB-AM are the only radio stations owned by American in Omaha. 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, "In light of our strategy, which is ultimately to own a full complement of stations in each of our markets, we decided to sell these stations because we felt it would be difficult to achieve that objective in Omaha with an attractive rate of return to our investors. We've greatly enjoyed our association with the fine people at KGOR and KFAB and we wish them well going forward." Elliot Evers of Media Venture Partners represented American Radio in this transaction. American Radio Systems Corp. began trading shares publicly in June, 1995 on NASDAQ. The company owns and/or manages 46 FM and 23 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 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. , West Palm Beach, Rochester, Dayton and Fresno. The company also has options and/or agreements to buy additional radio stations in Boston, Baltimore, Sacramento, Las Vegas, Buffalo, San Jose, West Palm Beach, Rochester, Dayton and Fresno. In addition, on August 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 or Bruce Danziger 617/375-7500 |
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