CITICASTERS INC. ANNOUNCES COMPLETION OF SALE OF THREE TELEVISION STATIONS
CINCINNATI, Sept. 14 /PRNewswire/ -- Citicasters Inc. ("Citicasters") (OTC: CITI) announced that it has completed the sale of three of its four network affiliated television stations to entities affiliated with New World Communications Group Incorporated ("New World"). The stations sold include KSAZ in Phoenix, Arizona, WGHP in High Point and WDAF in Kansas City. The sale of the fourth station, WBRC in Birmingham, is expected to be completed in early October. The total sale price for the four stations is approximately $355 million plus a warrant to purchase five million shares of New World Class A Common Stock at $15.00 per share. Proceeds from the New World sales have been and will be used principally to retire approximately $305 million of long term debt. With the proceeds from the three completed sales, long term debt has been reduced by approximately $228 million. Citicasters operates two other network affiliated television stations, ten FM radio stations and four AM radio stations in major markets throughout the country. Citicasters' common stock is traded over the counter under the symbol CITI. -0- 9/14/94 /CONTACT: Gregory C. Thomas of Citicasters, 513-562-8000/ (CITI)
CO: Citicasters Inc.; New World Communications For the company controlled by Sun Myung Moon and his Unification Church which owns The Washington Times and United Press International, see .
New World Communications Group Incorporated ST: Ohio IN: ENT ENT ears, nose, and throat (otorhinolaryngology).
ear, nose, and throat
ear, nose and throat.
ENT Ears, nose & throat; formally, otorhinolaryngology SU: TNM TNM tumor-nodes-metastasis; see under staging.
tumor, nodes and metastases; a system of cancer staging (see TNM staging).
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