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INFINITY ENTERS INTO AN AGREEMENT TO ACQUIRE PHILADELPHIA RADIO STATION WIP-AM

INFINITY ENTERS INTO AN AGREEMENT TO ACQUIRE PHILADELPHIA RADIO STATION
 WIP-AM
 NEW YORK, Sept. 28 /PRNewswire/ -- Infinity Broadcasting Corporation (NASDAQ: INFTA) announced today that it has entered into an agreement with Spectator Broadcasting, L.P., to acquire Philadelphia radio station WIP-AM for approximately $13 million. WIP programs an "all sports" format including play-by-play of the Philadelphia Flyers and 76ers.
 The consummation of the acquisition is subject to certain conditions including approval by the Federal Communications Commission. The purchase price, which is subject to adjustments, will be financed by existing credit arrangements.
 Mel Karmazin, president and chief executive officer of Infinity Broadcasting Corporation, said, "WIP is a very successful station with exceller?ogramming and staff and will complement the company's Classic Rock station in Philadelphia, WYSP-FM. The acquisition of WIP-AM is part of the company's strategy of acquiring stations in the nation's largest radio revenue markets." Mr. Karmazin added that "the company currently operates a very successful combination of Classic Rock and All Sports radio stations, WXRK-FM and WFAN-AM in New York."
 Infinity Broadcasting owns and operates 18 radio stations: WXRK-FM, WFAN-AM 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; KXYZ-AM, Houston; WJFK-AM/WLIF-FM, Baltimore; and WQYK-AM/FM, Tampa/St. Petersburg. In addition, the company has entered into an agreement pending FCC approval to acquire radio stations WUSN-FM, Chicago; WZLX-FM, Boston; and WZGC-FM, Atlanta.
 Infinity Broadcasting Corporation is listed on NASDAQ and trades with the symbol INFTA.
 -0- 9/28/92
 /CONTACT: Terry Malia, director of administration of Infinity, 212-750-6400/
 (INFTA) CO: Infinity Broadcasting Corporation; Spectator Broadcasting, L.P. ST: New York, Pennsylvania IN: ENT SU: TNM


GK-OS -- NY021 -- 3883 09/28/92 10:16 EDT
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Publication:PR Newswire
Date:Sep 28, 1992
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