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PULITZER PUBLISHING AGREES TO BUY TWO TELEVISION STATIONS

 ST. LOUIS, Feb. 18 /PRNewswire/ -- Pulitzer Publishing Company (NASDAQ-NMS, MSE: PLTZ) has entered into a letter of intent to purchase two television stations from H&C Communications, Inc., Houston, the two companies announced today.
 Pulitzer has agreed to purchase WESH-TV, the NBC affiliate in Daytona Beach/Orlando/Melbourne, Fla., and KCCI-TV, the CBS affiliate in Des Moines, Iowa. The purchase price for the assets of the two stations, including their net accounts receivable, is $165 million in cash.
 Joseph Pulitzer Jr., chairman of the board of Pulitzer Publishing Company, and Michael E. Pulitzer, president and chief executive officer, said in a joint statement, "This acquisition will significantly enhance our broadcasting operations and underscores our belief that commercial broadcast television will continue to be a very good business. Upon completion of this transaction, Pulitzer will own and operate nine network affiliated television stations."
 William P. Hobby, chairman of H&C's board of directors, said, "I cannot imagine a better home for these fine stations. Pulitzer Publishing Company is synonymous with the highest quality journalism."
 According to Jessica H. Catto, vice chairman of H&C, "The caliber of the buyer made our difficult decision to sell easier."
 Ken J. Elkins, president of Pulitzer Broadcasting, commented, "We are extremely pleased to be able to acquire WESH-TV and KCCI-TV. WESH serves Daytona Beach/Orlando/Melbourne, one of the fastest growing areas in the country. Currently the 23rd largest market, Daytona Beach/Orlando/Melbourne will be our biggest television market. KCCI is a strong station, and Des Moines, the 70th largest market, has a solid and diversified economy."
 WESH-TV began operations in May 1956, and KCCI-TV began operations in July 1965. Both stations were acquired by H&C Communications from Cowles Broadcasting, Inc., in 1985.
 The letter of intent is subject to, among other conditions, entry into a definitive purchase agreement and approval by the Federal Communications Commission.
 H&C Communications owns and operates three television stations in addition to WESH-TV and KCCI-TV: KPRC-TV in Houston and KSAT-TV in San Antonio, both in Texas, and KVOA-TV in Tucson, Ariz.
 Founded in St. Louis in 1878, Pulitzer Publishing is engaged in newspaper publishing and television and radio broadcasting. The company's newspaper operations include two major metropolitan dailies, the St. Louis Post-Dispatch and The Arizona Daily Star in Tucson, Ariz., and a suburban daily and Sunday newspaper, the Southtown Economist, in the Chicago area.
 Broadcasting operations consist of seven network-affiliated television stations: WYFF in Greenville, S.C.; WGAL in Lancaster, Pa.; WXII in Winston-Salem, N.C.; KOAT in Albuquerque, N.M.; KETV in Omaha, Neb.; WLKY in Louisville, Ky.; and WDSU in New Orleans, La.; and two radio stations (KTAR-AM and KKLT-FM) in Phoenix, Ariz.
 -0- 2/18/93
 /CONTACT: James V. Maloney of Pulitzer, 314-340-8000; or James E. Crowther or Cathy H. Leeson of H&C Communications, 713-993-2500/
 (PLTZ)


CO: Pulitzer Publishing Company; H&C Communications, Inc. ST: Missouri, Florida, Iowa, Texas IN: ENT SU: TNM

GK -- NY042 -- 7834 02/18/93 11:17 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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