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JACOR ANNOUNCES RECAPITALIZATION PLAN

 CINCINNATI, Feb. 22 /PRNewswire/ -- JACOR COMMUNICATIONS, INC. (OTC Bulletin Board - JCORA), Cincinnati, Ohio, February 22, 1993, announced today that its board of directors and management have approved a recapitalization plan for the Company. The recapitalization plan will raise approximately $22 million of equity through a private placement to Zell/Chilmark Fund L.P. and a rights offering to all shareholders at $5.74 per share and will refinance Jacor's senior indebtedness, which when combined with cash on hand, will reduce senior debt from $69 million to $45 million. In addition, Jacor will have a $20 million bank facility available in order to fund future acquisitions.
 The Company has received commitments from three banks to underwrite a new $45 million seven year reducing revolving credit facility and a $20 million seven year acquisition facility. Jacor's pro forma capital structure will have debt of less than four times operating cash flow and pro forma interest expense will be reduced by over fifty percent.
 In order to fund the equity component of the recapitalization, the Company will raise approximately $22 million through a private placement to Zell/Chilmark Fund L.P. and a rights offering to all shareholders at a price of $5.74 per share. First, Zell/Chilmark will purchase its pro rata portion in a private placement at $5.74 per share so that the Company can close on the bank refinancing. Second, all non- Zell/Chilmark shareholders will have the right to purchase their pro rata share in the rights offering at $5.74 per share. Any rights not exercised will be made available to all non-Zell/Chilmark shareholders who exercise their rights in full. If any rights remain unexercised after this oversubscription process, Zell/Chilmark will exercise those rights, thereby ensuring that the full $22 million will be raised.
 The bank refinancing and Zell/Chilmark's equity purchase are scheduled to be completed in mid March, but are still subject to final documentation. If either of these transactions cannot be completed then the refinancing will be canceled. The rights offering to all non- Zell/Chilmark shareholders will begin after a registration statement has been filed with the SEC and has become effective.
 Jacor Communications, Inc., headquartered in Cincinnati, Ohio, currently owns 11 radio stations, a cable television system and the Georgia Network. The company also operates 3 additional stations through time brokerage agreements in two of its markets. The Company's stations are located in Atlanta, Cincinnati, Denver, Jacksonville, Knoxville and Tampa.
 -0- 2/22/93
 /CONTACT: R. Christopher Weber of Jacor Communications, Inc., 513-621-1300/
 (JCORA)


CO: Jacor Communications, Inc. ST: Ohio IN: ENT SU:

LC -- CL019 -- 9101 02/22/93 17:27 EST
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Date:Feb 22, 1993
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