PULITZER PUBLISHING COMPANY COMPLETES PURCHASE OF TELEVISION STATION WESH IN DAYTONA BEACH, FLA.
ST. LOUIS, June 30 /PRNewswire/ -- Pulitzer Publishing Company (NYSE/MSE: PTZ) announced the completion today of the purchase of television station WESH, the NBC affiliate in Daytona Beach, Fla., from H&C Communications, Inc. The purchase price for the station's assets, including net accounts receivable, was $142.6 million. Pulitzer partially financed the purchase of WESH with the simultaneous issuance to The Prudential Insurance Company of America of $50 million principal amount of 6.76 percent Senior Notes due 2001 and $50 million principal amount of 7.22 percent Senior Notes due 2005 and the borrowing of $40 million from The Canadian Imperial Bank of Commerce under a five-year revolving and term credit facility. Michael E. Pulitzer, chairman, president and chief executive officer, commented: "We are very pleased with the acquisition of WESH and look forward to being part of the Daytona Beach/Orlando/Melbourne market, which is one of the fastest growing metropolitan areas in the country." Mr. Pulitzer noted that this area, now the 23rd largest media market in the United States, becomes the company's largest broadcasting market. Ken J. Elkins, president and chief executive officer of Pulitzer Broadcasting Company, also announced that Jeff Lee will continue as general manager of WESH and will become a vice president of Pulitzer Broadcasting. WESH, which is currently ranked second in the Daytona Beach/Orlando/Melbourne market, began operations in May 1956 and was acquired by H&C Communications, Inc. in October 1984. Pulitzer Publishing has also signed a definitive agreement to purchase from H&C Communications an additional network-affiliated television station, KCCI-TV in Des Moines, Iowa. Founded in St. Louis in 1878, Pulitzer Publishing Company is engaged in newspaper publishing and television and radio broadcasting. The Company's newspaper operations include two major metropolitan dailies, the St. Louis Post-Dispatch and The Arizona Daily Star, and a suburban daily newspaper, the Daily Southtown, in the Chicago area. Broadcasting operations consist of seven other network-affiliated television stations: WYFF in Greenville, S.C.; WGAL in Lancaster, Pa.; WXII in Winston-Salem, N.C.; KOAT in Albuquerque, N.M.; KETV in Omaha, Neb.; WLKY in Louisville, Ky.; and WDSU in New Orleans, La.; and two radio stations (KTAR-AM and KKLT-FM) in Phoenix, Ariz. -0- 6/30/93 /CONTACT: James V. Maloney, director of shareholder relations of Pulitzer Publishing Company, 314-340-8402/ (PTZ)
CO: Pulitzer Publishing Company; H&C Communications, Inc. ST: Missouri, Florida IN: ENT SU: TNM
MP -- NY048 -- 7181 06/30/93 12:54 EDT
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|Date:||Jun 30, 1993|
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