Chancellor Media Extends Presence in Media Representation Industry With Acquisition of Petry Media Corporation.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to and NEW YORK--(BUSINESS WIRE)--April 9, 1998--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) ) today announced that it has reached an agreement to acquire Petry Media Corporation, a leading independent television representation firm, for approximately $150 million. The transaction is expected to close in the second half of this year and is subject to customary regulatory approvals under Hart-Scott-Rodino as well as certain other conditions. Chancellor Media entered the media representation business in 1997 by acquiring Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. Media Group, Inc., a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. media representation firm serving multiple types of electronic media, including radio and television stations, and cable television systems. The Petry Media operations, which focus solely on television spot advertising sales, consist of three operating divisions: Blair Television, FOX Television Sales and Petry Television. These units will be operated in concert with Katz Media to provide both expanded services and significant operating efficiencies and economies of scale, yet preserving the ability to operate separate competing companies in the television national spot business. Thomas F. Burchill Thomas Francis Burchill (August 3, 1882 - March 28, 1960) was a United States Representative from New York. Born in New York City, he attended St. Francis Xavier High School there and Niagara University, from which he received an A.B. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Petry Media, will serve as Chief Executive Officer of the holding company, overseeing the media representation businesses. Commenting on the transaction, Scott K. Ginsburg, President and Chief Executive Officer of Chancellor Media Corporation, said, "The acquisition of Petry, a very well respected name in the media representation business, underscores Chancellor's commitment to expanding our services in the media representation industry. The purchase price of approximately $150 million, which includes assumed liabilities, represents an attractive enterprise value and an accretive transaction for our shareholders. We are also pleased to have the benefit of Tom Burchill's leadership going forward." Petry Media Corporation provides a full range of ad sales and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the $8 billion spot television advertising marketplace. Mr. Burchill commented, "We are delighted to be associated with a growth oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. company such as Chancellor. This transaction positions both representative firms for the long term. It will result in stability and strong performance for clients, improved services to the advertising community, and a positive workplace environment for the staffs." 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 108 radio stations in 22 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 46 million people. Chancellor recently launched AMFM Radio Networks, a national, wholly-owned radio syndication See syndication format. subsidiary, which reaches over 60 million listeners weekly. CONTACT: Chancellor Media Corporation Matthew E. Devine Chief Financial Officer 972/869-9020 or Jaffoni & Collins Incorporated David C. Collins Stewart A. Lewack 212/835-8500 or Petry Media Corporation Thomas F. Burchill Chairman and CEO 212/603-5656 or Robinson Lerer & Montgomery Jim Badenhausen Senior Vice President 212/484-7205 |
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