Capstar Completes Acquisition of Triathlon.AUSTIN, Texas--(BUSINESS WIRE)--April 30, 1999-- Capstar Broadcasting Corporation (NYSE NYSE See: New York Stock Exchange :CRB CRB See: Commodity Research Bureau. ) today announced that it has completed the acquisition of Triathlon 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" (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 : TBCOA, TBCOL), an owner and operator of radio stations in mid-size markets in the Midwestern and Northwestern United States Noun 1. northwestern United States - the northwestern region of the United States Northwest western United States, West - the region of the United States lying to the west of the Mississippi River . The transaction is valued at approximately $200 million, including equity and the assumption of Triathlon debt. Under the terms of the transaction, Capstar acquired all of the outstanding shares of Triathlon common stock for $13.00 per share in cash and all of Triathlon's depositary shares, representing preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , for $10.83 (plus accrued and unpaid dividends) per depositary share in cash, and assumed approximately $60 million in debt. In connection with the Triathlon acquisition, Capstar sold KVOR-AM and KTWK-AM in Colorado Springs Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. and KEYF-AM/FM in Spokane to Citadel Communications Corporation (Nasdaq:CITC CITC Communications and Information Technology Commission (Saudi Arabia) CITC Cottage Industry Technology Center CITC Canadian Institute of Travel Counsellors CITC Cook Inlet Tribal Council (Anchorage, Alaska) ) for $10 million in cash, and agreed to swap KSPZ-FM for Citadel's KKLI-FM in Colorado Springs. R. Steven Hicks, President and Chief Executive Officer of Capstar commented on the acquisition, "Triathlon's stations are well-clustered and complement Capstar's portfolio of leading mid-market stations. We are delighted that the proven, results-oriented Triathlon employees will be joining the Capstar family." Capstar Broadcasting Corporation was formed in 1996 by R. Steven Hicks and by Hicks, Muse, Tate & Furst Incorporated. On a proforma basis, after giving effect to all pending transactions, Capstar will own and operate more than 340 stations serving 81 mid-sized markets nationwide reaching over 18 million listeners weekly. Capstar manages its stations through six regional operating divisions: Atlantic Star Communications, based in Allentown, PA; Central Star Communications, based in Cedar Rapids, IA; GulfStar Communications, based in Austin, TX; Pacific Star Communications, based in San Diego, CA; SEAStar Communications, based in Nashville, TN and Southern Star Communications, based in Fort Lauderdale, FL. This news announcement contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including without limitation statements regarding the complement to Capstar's portfolio of Triathlon's stations, that are based upon current expectations and involve certain risks and uncertainties. These risks and uncertainties include factors outside the control of Capstar, including the risk of unknown and/or unquantified liabilities that may be associated with Triathlon's stations and risks regarding the operations of Capstar and the industry in which it operates, certain of which are described in Capstar's reports filed with the U.S. Securities and Exchange Commission. Readers should note that these statements may be impacted by these factors as well as economic changes and changes in the radio broadcast industry generally and, accordingly, the integration of Triathlon's stations into Capstars operations and Capstar's actual performance and results may vary materially from the discussions thereof stated herein. Capstar undertakes no obligation to update the information contained herein. |
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