Multi-Market Radio acquires WKSS-FM in Hartford for $18 million.NEW YORK--(BUSINESS WIRE)--Sept. 4, 1996--Multi-Market Radio Inc. (Nasdaq: RDIOA) today announced that it has acquired radio station WKSS(FM) which serves the Hartford, Conn., market from Precision Media Corp. for $18.0 million. Upon completion of the previously announced merger between Multi-Market Radio and SFX SFX Special Effects SFX Self Extracting (data compression) SFX SpreadFireFox (IRC) SFX Sound Effect(s) SFX Side Effects (counter-strike gaming clan) Broadcasting Inc. (Nasdaq: SFXBA), WKSS(FM) will become part of a cluster of stations: WMRQ(FM), WHCN WHCN Hartford Concert Network (105.9 FM) (FM) and WPOP-AM, all of which serve the Hartford market. Commenting on the transaction, Michael G. Ferrel, president and chief executive officer, said, "We are very excited to have gained WKSS which when combined with the Hartford stations that SFX now owns will create a highly desirable cluster of stations. With this powerhouse in Hartford and the number one stations in Springfield, WPKX, and New Haven, WPLR, we have established a terrific Northeast radio corridor." WKSS(FM), which plays Top 40, is the number one ranking station in women 18-34 and the second highest in persons 18-34 according to recent Arbitron ratings. Hartford is the 41st largest metro market in the United States. SCMC SCMC Supply Chain Management Center (USMC) SCMC Supply Chain Management Center (Robert H. Smith School of Business at the University of Maryland) SCMC Small Customer Marketer Coalition represented the buyer and Dick Blackburn of Alexandria, Va.-based Blackburn & Co. represented the seller in this transaction. In April 1996, SFX Broadcasting announced that it would acquire Multi-Market Radio. MMR MMR measles-mumps-rubella (vaccine); see measles, mumps, and rubella vaccine live, under vaccine. MMR abbr. measles, mumps, rubella vaccine common stock shareholders will receive the stock equivalent of $12.00 per common share, subject to adjustment. It is anticipated that this transaction will close within the next 60 days subject to shareholder approval and the approval of the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. and certain other conditions. There can be no assurance that the transaction will be consummated. Multi-Market Radio, headquartered in 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. , currently owns, provides programming for, sells advertising on behalf of or has agreed to acquire the following 13 stations in seven markets: WKSS(FM) Hartford, CT WYSR(FM) Albany, NY(a) WHMP(FM) Springfield/Northampton, MA WKNN(FM) Biloxi, MS WHMP-AM Springfield/Northampton, MA WMJY(FM) Biloxi, MS WPKX(FM) Springfield/Northampton, MA WCHZ(FM) Augusta, GA(a) WPLR(FM) New Haven, CT WVCO WVCO Willamette Valley Company (FM) Myrtle Beach, SC(b) WYBC(FM) New Haven, CT(a) WYAK(FM) Myrtle Beach, SC WGNE WGNE Working Group on Numerical Experimentation (FM) Daytona Beach, FL (a) Joint Selling Agreement (b) Local Marketing Agreement In addition, the company owns KOLL(FM) in Little Rock, AR, which is under contract to be sold. CONTACT: Multi-Market Radio Inc., New York Cynthia A. Bond, 212/407-9126 |
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