Capstar Broadcasting Announces Asset Sale Transactions.AUSTIN, Texas--(BUSINESS WIRE)--March 27, 1998--Capstar Broadcasting Corporation today announced a series of asset sale transactions, which when completed will satisfy Federal station-ownership requirements related to the pending acquisition of SFX SFX Special Effects SFX Self Extracting (data compression) SFX SpreadFireFox (IRC) SFX Sound Effect(s) SFX Side Effects (counter-strike gaming clan) Broadcasting, Inc. (Nasdaq: SFXBA) by an affiliate of Capstar. The aggregate value of the asset sale transactions is approximately $165 million. The asset sale transactions, which are subject to Federal regulatory approval and are expected to be completed by mid-year, simultaneously with the completion of the SFX acquisition, are as follows: -- Heftel Broadcasting Corporation (Nasdaq: HBCCA) will acquire from Capstar KKPN-FM of Houston, which is currently owned by SFX, for $54 million. -- Cox Radio Inc. (NYSE NYSE See: New York Stock Exchange : CXR CXR abbr. chest x-ray CXR, n chest x-ray; an image of the thoracic cavity, produced by an irradiation scan of the upper torso. ) has agreed to acquire from Capstar four SFX stations on Long Island, New York WBLI-FM, WBAB-FM, WH-FM and WGBB-AM for $48 million. -- Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. Inc. (NYSE: CCU CCU abbr. 1. coronary care unit 2. critical care unit CCU critical care unit. CCU Critical care unit, see there ) will acquire from Capstar four stations in Greenville, South Carolina
Greenville is a mid-sized city located in the upstate of South Carolina. It is the county seat of Greenville CountyGR6 WJMZ-FM, WTPT-FM and WESC-AM and FM as well as WGNE-FM of Daytona Beach, Florida “Daytona” redirects here. For other uses, see Daytona (disambiguation). Daytona Beach is a city in Volusia County, Florida, USA. According to 2006 U.S. Census Bureau estimates, the city has a population of 64,421. , which is currently owned by SFX, for a total of $46.5 million. -- A company controlled by Frank Washington of Sacramento, California has agreed to acquire from Capstar four stations in Danbury, Connecticut WRKI- FM, WAXB-FM, WINE-AM and WPUT-AM for $15 million. Capstar Broadcasting Corporation was formed in 1996 by R. Steven Hicks and Hicks, Muse, Tate & Furst Incorporated. Capstar currently owns and operates or has agreements to acquire in excess of 300 radio stations in middle markets across the country, making it the largest owner and operator of radio stations in the nation, based on station count, and one of the largest owners and operators of radio stations in terms of revenue and cash flow, based on transactions completed or announced to date. CONTACT: Lisa Dollinger Capstar Broadcasting Corporation 512-340-7800 or Mark Semer or Roy Winnick Kekst and Company 212-521-4802 or 4842 |
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