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PREMIERE RADIO NETWORKS INC. SIGNS AGREEMENT TO ACQUIRE KDHT-FM IN DENVER

 HOLLYWOOD, Calif., Nov. 20 ~PRNewswire~ -- Premiere Radio Networks Inc. (NASDAQ: PRNI) announced today that it has signed a formal agreement to acquire radio station KDHT-FM in Denver for $3.55 million cash, from APB Broadcasting Inc. Denver is the 24th largest Arbitron radio market in the country.
 Steve Lehman, chief executive officer of the company stated, "We are extremely pleased by this acquisition. It enables Premiere to capitalize on the attractive opportunities in the station marketplace and at the same time serve as the flagship station for its first wired program." The company will announce program format intentions during the first quarter after the filings and approval by the FCC.
 John Palmer, head of Corporate Finance at Fahnestock, commented that, "Premiere is to be congratulated in going forward with its stated business plan in an expeditious fashion following its initial offering. I believe the acquisition to be an attractive one."
 The company is currently working on a programming, promotional and marketing campaign for the station which it will unveil in the first quarter of 1993, following the approval of the sale by the FCC.
 Premiere Radio Networks Inc. is a leading independent creator, producer and distributor of innovative comedy, entertainment and music-related radio programs that reach 98 percent of U.S. households. The company, founded in 1987, has produced 14 syndicated programs and has over 1,400 independent radio affiliates under contract to distribute programming. These programs are distributed free of charge in exchange for commercial air time during broadcasts. In 1991, the company formed the Premiere Marketing Promotion division, which develops customized promotional campaigns designed to increase sales and distribution. The company is headquartered in Hollywood.
 -0- 11~20~92
 ~CONTACT: Anne Doremus of Catalyst Communications, 510-838-7127, for Premiere Radio Networks; or Harold Wrobel of Premiere Radio Networks, 818-377-5300~
 (PRNI)


CO: Premiere Radio Networks; APB Broadcasting Inc. ST: California IN: ENT SU: TNM

TM-JH -- SF002 -- 3363 11~20~92 12:21 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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