Capstar Broadcasting Names Steven Dinetz President and Chief Operating Officer.AUSTIN, Texas.--(BUSINESS WIRE)--Sept. 22, 1997--Capstar Broadcasting Corporation, of Austin, one of the nation's largest and fastest-growing radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies, announced today the appointment of Steven Dinetz as Capstar's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , a new position, and as President and Chief Operating Officer of Capstar Broadcasting Partners, its wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . Mr. Dinetz, whose appointments are effective immediately, will report to Capstar co-founder and Chief Executive Officer R. Steven Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , who formed Capstar with Hicks, Muse, Tate & Furst Incorporated approximately one year ago. Thomas O. Hicks, Chairman and Chief Executive Officer of Hicks Muse, serves as Chairman of the Board of Capstar Broadcasting Corporation as well as of Chancellor Media Corporation. Mr. Dinetz formed Chancellor Broadcasting Company Noun 1. broadcasting company - a company that manages tv or radio stations company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" together with Hicks Muse in the fall of 1993, and as Chancellor Broadcasting's President and Chief Executive Officer built Chancellor Broadcasting into one of the nation's leading publicly traded radio companies. Immediately prior to joining Capstar, Mr. Dinetz served as Co-Chief Operating Officer of Chancellor Media Corporation (Nasdaq: AMFM AMFM Association of Marriage and Family Ministries AMFM Automated Mapping Facilities Management AMFM Association des Modélistes Ferroviaires de Montréal (French: Montreal Railroad Modelers Association) ), which was formed earlier this month by the merger of Chancellor Broadcasting with Evergreen Media Corporation. Since its founding last year, Capstar has become one of the largest owners and operators of radio stations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Following the 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., which was announced on August 25, 1997, and which is expected to be consummated in the second quarter of 1998, Capstar will rank number one in station count with 316 stations serving 81 markets, as well as the nation's third-largest radio group in terms of revenue, based on transactions completed or announced to date. Steve Hicks said: "The great strength of Steve Dinetz is his ability to rapidly build large and highly successful radio groups. That ability was demonstrated by his spectacular success with the growth of Chancellor Broadcasting, which he took from a start-up with two radio stations in a single market as of January 1994 to a major public company with 51 stations in 14 markets. The stations he was so instrumental in developing for Chancellor Broadcasting now serve as a key component of Chancellor Media, which today owns 99 radio stations in 21 of the nation's 40 largest markets. Steve's operational skills, industry experience and outstanding track record will be invaluable as Capstar seeks to follow a similar growth trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. ." Scott K. Ginsburg, President and Chief Executive Officer of Chancellor Media Corporation, said: "This is a fantastic opportunity for Steve Dinetz, whose ability to meld dozens of radio stations nationwide into a single, highly successful radio group while preserving the unique identity and local-community orientation of each station has been a key factor in the success of Chancellor Broadcasting and the ongoing success of Chancellor Media. We're happy for Steve and wish him well as he joins the Capstar organization. We're also fortunate that the Chancellor Media management team, including the managers recruited by Steve Dinetz, is well-positioned to achieve our growth and profitability objectives." Mr. Dinetz said: "I'm extremely excited about joining Capstar Broadcasting and my long-time friend Steve Hicks, one of the radio industry's best strategic thinkers and most capable operating executives. Together we will build upon the foundation of excellent assets and executives that Steve has assembled and lead the company to new heights in broadcasting excellence. I'm also very pleased that I will continue to be associated with Tom Hicks
Mr. Dinetz has thirty years of broadcasting and advertising industry experience. Under his leadership, Chancellor Broadcasting's consolidated net revenues grew from $26.3 million in 1994 to $178.4 million in 1996 and to $128.9 million for the six months ended June 30, 1997. Broadcast cash flow grew from $10.7 million in 1994 to $67.2 million in 1996 and to $49.1 million for the first six months of 1997. Chancellor Broadcasting (Nasdaq: CBCA CBCA Centro Brasileiro da Construção em Aço CBCA Canadian Business Corporations Act CBCA Calgary Birth Control Association CBCA Charlotte Builders and Contractors Association CBCA Chilled Beam and Ceiling Association ) went public in 1996 at an initial price of $20 per share. Based on the per share consideration of 0.9091 shares of Evergreen Media's Class A Common Stock for each share of Chancellor Broadcasting's common stock, the Chancellor/Evergreen transaction, which was consummated on September 5, valued Chancellor Broadcasting common stock at $41.70 per share or a total of approximately $775 million on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. Hicks, Muse, Tate & Furst Incorporated holds a majority interest in Capstar Broadcasting Corporation and is the largest single investor in Chancellor Media Corporation. Since its formation in 1989, Hicks Muse has completed or currently has pending more than 100 transactions with a total capital value in excess of $24 billion. The firm has offices in Dallas, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , St. Louis and Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . CONTACT: Capstar Broadcasting Lisa Dollinger, 512/404-6840 or Chancellor Media Jaffoni & Collins Incorporated Joseph N. Jaffoni/David C. Collins 212/505-3015 or Hicks, Muse, Tate & Furst Kekst and Company Roy Winnick, 212/521-4842 |
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