Argyle Television and Clear Channel Television enter into joint marketing and programming agreement in Providence, R.I.SAN ANTONIO--(BUSINESS WIRE)--June 10, 1996--Argyle Television Inc. (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 :ARGL) Monday announced that it has entered into a joint marketing and programming agreement with Clear Channel Television involving WNAC-TV, the Fox affiliate serving Providence, R.I., and WPRI-TV, the CBS (Cell Broadcast Service) See cell broadcast. affiliate in Providence. WNAC WNAC Women Nationally Active for Christ (Antioch, TN) is owned by Argyle. Clear Channel Television has entered into a definitive agreement to acquire WPRI WPRI Wartime Pacific Routing Instructions from CBS Inc. in a transaction anticipated to close this summer. Under the agreement, Clear Channel will program certain of the air time on WNAC, and will manage the sale of commercial air time on both stations. Clear Channel will provide certain programming and services to WNAC, including news programming. Argyle and Clear Channel each will receive 50 percent of the advertising revenues generated by the two stations subject to certain adjustments. Commenting on the arrangement, Argyle Chairman and Chief Executive Officer Bob Marbut said: ``We're pleased to enter into this joint arrangement with Clear Channel in Providence, and believe that this approach will enable WNAC and WPRI to serve both their viewers and advertisers more effectively in the years ahead.'' Today, Argyle Television owns and operates network-affiliated television stations WZZM-TV, the ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. affiliate in Grand Rapids, Mich.; WGRZ-TV, the NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. affiliate in Buffalo, N.Y.; WNAC-TV, the Fox affiliate in Providence; KITV-TV, the ABC affiliate in Honolulu; and WAPT-TV, the ABC affiliate in Jackson, Miss. In addition, Argyle has entered into an agreement to acquire ABC-affiliated television stations KHBS, Fort Smith, Ark., and its satellite KHOG, Fayetteville, Ark., and expects this acquisition to be completed by Tuesday, June 11, 1996. Argyle's series A common stock trades on the Nasdaq National Market System under the symbol ``ARGL.'' CONTACT: Argyle Television Inc., San Antonio Bob Marbut, 210/828-1700 |
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