GREAT AMERICAN TELEVISION AND RADIO CO., INC. TO SELL WRIF-FM, DETROIT TO GREATER MEDIA, INC.
CINCINNATI, Nov. 16 /PRNewswire/ -- Great American Television and Radio Co., Inc. announced today that it has signed a letter of intent to sell WRIF-FM, Detroit, to Greater Media, Inc., for $11.5 million. The transaction is subject to execution of a definitive agreement and approval by the Federal Communications Commission. Greater Media, which owns WCSX-FM and WHND-AM in Detroit, expects to begin operating WRIF shortly under the terms of an interim local marketing arrangement with Great American. Tom Bender, vice president and general manager of WCSX and WHND, said the strength and resources derived by bringing Detroit's two leading rock stations, WCSX and WRIF, under common ownership will offer exciting new opportunities for both listeners and advertisers in the market. "WRIF is one of America's legendary Rock stations, which is exactly why Greater Media is so pleased to be able to acquire it. We plan to keep WRIF doing what it has always done so well and to do everything we can to make it even better, especially since it is a perfect complement to our successful Classic Rock programming on WCSX," Bender said. The acquisition of WRIF is a homecoming of sorts for Bender, who was employed at WRIF beginning in 1972 and was program director of the station from 1976 to 1981. David H. Crowl, president of Great American's Radio Group, said that proceeds of the sale of WRIF would be used for other radio acquisitions. Great American is actively investigating station purchases in markets where the company presently owns other broadcast properties. In addition to WRIF-FM, Great American owns 10 FM and four AM radio stations and six network affiliated television stations in major markets. Greater Media, a privately held company based in East Brunswick, N.J., owns 15 radio stations in Los Angeles, Philadelphia, Washington, Boston, and the New York area, as well as in Detroit, operates cable television systems serving 250,000 subscribers in Pennsylvania and Massachusetts, and publishes weekly newspapers in New Jersey. -0- 11/16/93 /CONTACT: Anita Wallgren of Great American, 513-562-8000, or Tom Bender of Greater Media, 313-398-7600/ (GACC)
CO: Great American Television and Radio Co., Inc.; Greater Media, Inc. ST: Ohio, New Jersey, Michigan IN: ENT SU: TNM
KL -- CL014 -- 5025 11/16/93 11:22 EST
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|Date:||Nov 16, 1993|
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