Chancellor Media Agrees to Acquire WWDC-FM AND WWDC-AM - Stations Represent Chancellor's Fifth FM and Third AM Stations in Washington DC.IRVING, Texas/WASHINGTON, D.C.--(BUSINESS WIRE)--Feb. 18, 1998--Scott K. Ginsburg, Chief Executive Officer and President 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) ), America's leading radio-only company, announced today additional station acquisitions in Washington, D.C., the nation's eighth largest radio revenue market. Chancellor has signed a definitive agreement pursuant to which it will acquire WWDC-FM 101.1 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. and WWDC-AM 1260 KHz from Capitol Broadcasting Company Capitol Broadcasting Company is a TV and radio broadcast company based in Raleigh, North Carolina. Broadcast Stations Capitol Broadcasting Company owns and operates the following stations: TV
Mr. Ginsburg commented on the agreement, "With today's announcement, Chancellor Media Corporation will be established as the leading radio station group in Washington, D.C., ranked first in both audience and revenue share in the market. Additionally, we will own a full complement of radio stations in the nation's capitol Capitol, seat of the U.S. Congress Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. - five FM and three AM radio stations - as specified in the Telecom Act of 1996. Furthermore, Chancellor will rank first or second in revenues in eight of the nation's top ten radio revenue markets, and we intend to pursue additional acquisitions that will further strengthen our position in the nation's largest radio markets. "DC 101 and WWDC-AM represent excellent strategic fits with our other Washington holdings, WASH-FM, WGAY-FM, WWRC-AM, WMZQ-FM, WBIG-FM and WTEM-AM, as we'll deliver to listeners a broad range of programming including adult contemporary, news, talk, sports, country, oldies Oldies is a generic term commonly used to describe a radio format that usually concentrates on Top 40 music from the '50s, '60s and '70s. Oldies are typically from R&B, pop and rock music genres. and mainstream rock. DC 101 has established itself over many years as the mainstream rock franchise in the market while WWDC-AM's adult standard programming has attracted a strong base of loyal listeners. We plan to maintain and optimize each station's format, and, as with all Chancellor stations, we will institute our proven operating disciplines to enhance the operating performance of our entire Washington, D.C. portfolio." The transaction is scheduled to close in the second quarter of 1998 and is subject to the approval of the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. as well as the completion of Chancellor's previously announced transfer to Bonneville International Upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of all announced transactions, Chancellor Media will own and operate 101 radio stations in 21 of the nation's largest markets with stations in each of the nation's top ten markets and a combined weekly listener base of over 42 million people. Chancellor also owns Katz Media Group, the only full- service media representation firm 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. serving multiple types of electronic media, which represents over 2,000 radio stations, 340 television stations and 1,390 cable systems. Chancellor recently launched AMFM Radio Networks, a national, wholly-owned radio syndication subsidiary, which reaches over 60 million listeners weekly. CONTACT: Matthew E. Devine Joseph N. Jaffoni Chief Financial Officer David C. Collins Chancellor Media Corporation Jaffoni & Collins Incorporated 972/869-9020 212/835-8500; jaffoni@jcir.com |
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