Children's Broadcasting Corp. Signs Definitive Purchase Agreement To Sell Owned & Operated Radio Properties.MINNEAPOLIS--(BUSINESS WIRE)--July 16, 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 NM: 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) ) announced today that it has signed a definitive purchase agreement with New York-based Global Broadcasting Global Broadcasting LLC. is a broadcasting company in the United States. Global is based in Delaware and is jointly owned and operated by media veterans Kevin O'Brien and Robinson Ewert. Company, Inc. to sell its owned and operated AM radio stations for the aggregate sale price of $72.5 million. The purchase agreement is an asset transaction that calls for two installments of earnest money A sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. , deposited in the amounts of $500,000 and $3 million on July 30, 1997, and August 13, respectively. The purchase price is payable in cash at closing, which is anticipated to occur in approximately five months. CBC retains all intellectual property, programming and its affiliate network of stations, as well as its lawsuit against The Walt Disney Co. and ABC Radio Networks. It remains CBC's present intention to continue its mission to create and distribute children's programming content responsive to today's kids and families. The CBC radio stations to be conveyed pursuant to the transaction include: WJDM-AM 1660, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , NY; KPLS-AM 830, Los Angeles, CA; WAUR-AM 930, Chicago, IL; WPWA-AM 1590, Philadelphia, PA; WCAR-AM 1090, Detroit, MI; KAHZ-AM 1360, Dallas/Ft. Worth, TX; WWTC-AM 1280, Minneapolis, MN; KIDR-AM 740, Phoenix, AZ; KKYD-AM 1340, Denver, CO; KMUS-AM 1380, Tulsa, OK (pending closing); all currently broadcasting CBC's Aahs World Radio(sm) format, and KTEK-AM 1110, Houston, TX; WZER-AM 540, Milwaukee, WI; KCNW-1380 AM, Kansas City, KS; and KYCR-AM 1570, Minneapolis, MN. The Company also announced today that it has increased the amount of its credit facility with Foothill Capital Corporation by $5.4 million, which will be used for working capital and to fund potential acquisitions. The sale of the radio stations is subject to: satisfactory completion of the purchaser's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. ; shareholder approvals; and customary closing conditions including but not limited to 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. . CONTACT: Joy Plaschko, Media Relations Manager, CBC, 612-330-9524 |
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