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BOOTH AMERICAN, BROADCAST ALCHEMY TO MERGE CERTAIN ASSETS INTO NEW RADIO COMPANY

 DETROIT, Nov. 15 /PRNewswire/ -- Booth American Company and Broadcast Alchemy, L.P. announced today that they have agreed in principle to merge a number of radio stations into a new company, as yet unnamed. When the transaction is complete, the new company will have a presence in seven major American cities.
 Ownership of the Alchemy/Booth venture will be held approximately 50 percent by Booth American and 50 percent by Broadcast Alchemy at the time of the company's formation. Broadcast Alchemy will contribute its stations in Pittsburgh and Indianapolis, while Booth American will contribute stations in Detroit, Denver, Cleveland, Sacramento, and Cincinnati. The market value of the assets in the transaction is in excess of $160 million.
 Booth American Company is a diversified electronic media company headquartered in Detroit. The company operates 16 radio stations in nine cities, counting those held in a subsidiary, Genesis Broadcasting, Inc., which is based in Dallas. Booth American also operates nine cable systems serving approximately 135,000 subscribers in eight states. On Oct. 20 of this year, Booth announced the formation of a joint venture with International CableTel Incorporated (NASDAQ: ICTL) and Columbia Management, Inc. That new company will own four cable television and telephone franchises covering approximately 350,000 households in the northern suburbs of London.
 Broadcast Alchemy is a partnership between several entities affiliated with Lane Industries of Northbrook, Ill., and a corporation controlled by Alchemy's CEO, Frank E. Wood of Cincinnati. In addition to its majority interest in Broadcast Alchemy, Lane Industries has major holdings in hotels (Lane Hospitality and subsidiaries), cattle ranching, and office products, through its controlling position in publicly traded General Binding Corporation (NASDAQ: GBND).
 Radio stations included in the transaction include WJLB (FM) Detroit; KMJI (FM) Denver; WDVE (FM) Pittsburgh; WLTF ( ?and WWWE (AM) Cleveland; KSFM (FM) and KSMJ (AM) Sacramento; WWNK (FM) Cincinnati; and WFBQ (FM), WRZX (FM) and WNDE (AM) Indianapolis. The merger is subject to confirmatory due diligence and regulatory approvals.
 The remaining Booth radio stations will continue to be operated by Booth American Company.
 William N. Lane III will be chairman of the board of the new venture. John L. Booth II will be vice chairman and chairman of the executive committee. Frank E. Wood will be president and CEO. He will continue to maintain an office in Cincinnati.
 William J. Steding of Star Media Group, Inc. assisted Broadcast Alchemy in this transaction.
 -0- 11/15/93
 /CONTACT: Ralph H. Booth of Booth American Company, 313-965-3360; Thomas V. Kalebic of Lane Industries, 708-498-6789; or Frank E. Wood of Broadcast Alchemy, 513-621-1600/
 (ICTL GBND)


CO: Booth American Company; Broadcast Alchemy, L.P.; Lane Industries ST: Michigan, Ohio, Illinois IN: ENT SU: TNM

SB-SM -- DE022 -- 4369 11/15/93 11:37 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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