Channel America Broadcasting to merge with LDE Media Techniqs.
-- TV talk show star and broadcasting entrepreneur Morton Downey
Jr. to become chairman of new company --
Channel America Broadcasting (NASD BB:CATV) and Select Capital Advisors Inc., the company's Miami-based investment banking firm, Tuesday announced that Channel America has entered into a letter of intent to merge with Hollywood, Calif.-based LDE Media Techniqs Inc., whose chairman is famous talk show pioneer and broadcasting entrepreneur Morton Downey Jr.
According to the terms of the letter of intent, Downey will become the company's new chairman, bringing in a new management team, and electing a new board of directors to Channel America Broadcasting. Downey is best known as having created the first highly successful syndicated talk show in the U.S. in the late 1980's. Since 1980, his production company has been producing and marketing broadcast programming sold to radio and television stations throughout the U.S. The company's programs include talk shows, news magazines, and "reality programs" presenting uplifting human interest stories.
As chairman of Channel America, Downey will oversee the production and sales of programming to affiliates nationwide. Among other plans, Downey will produce and broadcast a new program called "Boyz Night Out," a half-hour news magazine talk show in which he will star, along with two guest hosts on each show. In keeping with Downey's progressive and revolutionary style, this show represents a new type of programming with an interactive approach to everyday news, using 21st century technology.
Downey's varied career includes executive posts with major American corporations and advisory positions with the U.S. Department of Justice. He has also been the producer and host of various television and radio talk shows. The Morton Downey Jr. Show, which blazed new trails as the first highly successful confrontational syndicated talk show on American television during its three years in national syndication (1987-1991), was the highest-rated program in talk show history, and still remains as the only television show to continuously increase its ratings in every market.
Channel America is a holding company for Channel America Network Inc., an eight year old network of television broadcast affiliates. Channel America began broadcasting in October 1988 with 24 hour programming of syndicated and first run programs.
Select Capital Advisors is a Miami-based international financial services holding company with offices and affiliates worldwide. Select provides small to medium sized emerging growth companies with a wide range of investment banking services including international equity offerings, structured finance, mergers and acquisitions, venture capital financing, and bridge loans.
According to Select's Chairman, Ronald G. Williams, Select Capital's mission was, as approved by the board of directors of Channel America, to completely restructure the company and provide it with a new strategic direction and improve its overall financial condition. Williams believes that "through the merger with LDE Media, the company will make significant progress toward achieving the ultimate success we envision for Channel America."
The agreement with LDE Media Techniqs is subject to the reorganization of Channel America's debt and settlement with all of its current creditors. From time to time, the company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly.
CONTACT: Lynne Sifford, 305/856-5668
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|Date:||Mar 25, 1997|
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