Children's Broadcasting Corp. Acquires Additional Interest in Harmony Holdings, Inc. Foothill Credit Facility Increased.MINNEAPOLIS--(BUSINESS WIRE)--Sept. 30, 1997--Children's Broadcasting Corporation (CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. , Nasdaq National Market: AAHS AAHS American Aviation Historical Society AAHS Aromatic Acid: H+ Symporter AAHS American Association for Hand Surgery AAHS Athens Area High School (Pennsylvania) AAHS Ambridge Area High School (Pennsylvania) ) has acquired an additional interest in Harmony Holdings, Inc., (HHI HHI Herfindahl-Hirschman Index (measure of market concentration) HHI Heinrich Hertz Institut (Germany) HHI Hilton Head Island HHI Household Income HHI Hyundai Heavy Industries Co, Ltd , Nasdaq: HAHO), a Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California-based television commercial production company. CBC, which previously held a 24.7% beneficial interest in HHI, today announced the purchase of additional shares resulting in a 40.7% beneficial interest in HHI. Subject to closing on the acquisition of all of the shares, CBC has acquired 819,500 additional shares from certain individuals and options to acquire an additional 200,000 shares from one individual. "Harmony, which has revenue of $65 million for its fiscal year ended June 30, 1997, is an industry leader in the $2 billion commercial production market. CBC's additional investment in HHI represents not only diversification for CBC, but a nod in the direction of growth and value that we believe is yet to be realized for Harmony through its talented directors and its leadership position in an exciting, growing industry," said Christopher T. Dahl dahl n. 1. See pigeon pea. 2. or dal A thick creamy East Indian stew made with lentils or other legumes, onions, and various spices. , CBC's President 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. . The Company also announced today that it has increased the amount of its credit facility with Foothill Capital Corporation by $5.8 million, to be used for the aforementioned stock purchase and for working capital. Children's Broadcasting Corporation is the producer and distributor of "Aahs World Radio(SM)," the live, 24-hour satellite radio network and multi-media concept for today's kids and families. The Aahs(SM) audio product is also available in real-time via www.aahsworld.com, the format's highly entertaining website, and is reinforced with the "Aahs(SM) World Zone," interactive phone system (1-800-552-2470) which logs some 3,000,000 calls a year. Harmony Holdings, Inc., through its operating subsidiaries--Harmony Pictures, Inc., The End, Inc., Curious Pictures Wikipedia is not the place for advertisement or self-advertising. Curious Pictures is a diversified entertainment company dedicated to fun and creative expression in all shapes and forms. Corporation, and Harmony Entertainment--produces television commercials, music videos, and World Wide Web sites; and develops television programming and feature films. CONTACT: Children's Broadcasting Corp., Minneapolis Joy Plaschko, 612-330-9524 |
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