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INFINITY BROADCASTING FILES FOR INITIAL PUBLIC OFFERING

 INFINITY BROADCASTING FILES FOR INITIAL PUBLIC OFFERING
 NEW YORK, Dec. 17 /PRNewswire/ -- Infinity Broadcasting Corporation


announced today that it has filed with the Securities and Exchange Commission a registration statement for a proposed initial public offering of 6 million shares of Class A common stock as adjusted to reflect a one-for-three reverse stock split of the company's common stock. It is currently estimated that the initial public offering price will be between $16 and $18 per share. If the underwriters' over- allotment option is exercised in full, a total of 6.9 million shares will be offered. Upon completion of the offering, Infinity Broadcasting Corporation will have approximately 17 million shares outstanding (18 million shares if the underwriters over allotment option is exercised in full.) No shares are being sold by the company's existing shareholders in the initial public offering.
 Infinity Broadcasting Corporation is the largest company in the United States whose business is exclusively devoted to owning and operating radio stations. Infinity currently owns and operates 17 radio stations serving 12 of the nation's largest radio markets including all of the ten largest markets: WXRK-FM and WZRC-AM, New York; KROQ-FM, Los Angeles; WJMK-FM and WJJD-AM, Chicago; WYSP-FM, Philadelphia; KOME-FM, San Jose/San Francisco; WBCN-FM, Boston; WOMC-FM, Detroit; KVIL-AM/FM, Dallas; WJFK-FM, Washington, D.C.; KXYZ-AM, Houston; WJFK-AM/WLIF-FM, Baltimore; and WQYK-AM/FM, Tampa/St. Petersburg.
 Infinity announced yesterday that it had entered into an agreement to acquire New York radio station WFAN-AM for approximately $70 million. Infinity intends to finance this acquisition, which is subject to certain closing conditions, with a portion of the proceeds of the proposed offering. The balance of the proceeds from the initial public offering will be used for general corporate purposes.
 For the third quarter of 1991, the company reported net revenues of $31,894,000, an increase of approximately 9 percent over the third quarter of 1990. Operating cash flow for the third quarter of 1991 was $15,310,000, an increase of approximately 16 percent over the third quarter of 1990.
 The underwriting group will be co-managed by Lehman Brothers, Donaldson, Lufkin & Jenrette, Merrill Lynch & Co. and Smith Barney, Harris Upham & Co.
 The registration statement has not yet become effective and the shares of Class A common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 12/17/91
 /CONTACT: Farid Suleman, chief financial officer of Infinity Broadcasting, 212-750-6400/ CO: Infinity Broadcasting Corporation ST: New York IN: ENT SU: OFR


KD -- NY062 -- 3032 12/17/91 14:42 EST
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Publication:PR Newswire
Date:Dec 17, 1991
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