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GREAT AMERICAN COMMUNICATIONS COMPANY COMPLETES THE SALE OF HANNA-BARBERA AND ITS OTHER ENTERTAINMENT ASSETS

 GREAT AMERICAN COMMUNICATIONS COMPANY COMPLETES THE SALE
 OF HANNA-BARBERA AND ITS OTHER ENTERTAINMENT ASSETS
 CINCINNATI, Dec. 4 /PRNewswire/ -- Great American Communications Company (NASDAQ: GACC) ("GACC") announced today that it has completed the previously announced sale of its entertainment businesses and assets, which include the animation subsidiary, Hanna-Barbera Productions, Inc. and its live action program library. For these assets, GACC received approximately $255 million in net cash proceeds, to be used primarily to reduce bank indebtedness, and $40 million in contingent future payments expected to be received over time as certain conditions in the definitive agreement are satisfied.
 Hanna-Barbera along with the domestic and international television distribution rights to Hanna-Barbera programs were sold to a joint venture between Turner Broadcasting System, Inc. and Apollo Investment Fund, L.P. As part of the sale, GACC acquired the Hanna-Barbera distribution rights from Worldvision Enterprises, Inc., a subsidiary of Spelling Entertainment Inc., in exchange for $24 million in cash, the GACC live action program library and a licensing and merchandising subsidiary, Hamilton Projects, Inc. These distribution rights were in turn transferred to a wholly owned subsidiary of Turner Broadcasting as part of the overall transaction.
 GACC and its subsidiaries own and operate five network affiliated television stations and twelve FM and six AM radio stations in the top 50 markets. GACC has also signed a definitive agreement to purchase WGHP-TV, High Point, N.C. GACC's Common Stock trades over-the-counter under the symbol GACC.
 -0- 12/4/91
 /CONTACT: Sandra W. Heimann of Great American Communications Company, 513-579-2177/
 (GACC) CO: Great American Communications Company ST: Ohio IN: TLS SU:


LC -- CL015 -- 9411 12/04/91 17:39 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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