REGAL COMMUNICATIONS CORPORATION ANNOUNCES MERGER WITH JOAN RIVERS PRODUCTS, INC.
FORT WASHINGTON, Pa., March 8 /PRNewswire/ -- Regal Communications Corporation (NASDAQ: RCOM) announced today that it has finalized the acquisition of Joan Rivers Products, Inc. (JRP) and a related company in exchange for the issuance of 2,700,000 shares of Regal common stock which are subject to certain registration rights. JRP and the related company have the exclusive rights for a 30-year period to use the name and likeness of Joan Rivers for the promotion and sale of a wide range of products, including jewelry and apparel, currently being sold on the QVC Network, Inc. This license agreement also provides for Rivers' appearance on infomercials and her involvement and participation in 800 and 900 entertainment programs. Arthur L. Toll, chairman and chief executive officer of Regal, noted, "We are extremely pleased to conclude the acquisition, as Joan Rivers is one of the most prominent and highly recognizable personalities before the public today. Joan is also a proven marketing executive whose talents will contribute to our existing management team. Regal has in place the ability to further grow JRP through the development of new products and increasing the sales of existing successful Joan Rivers product lines." Joan Rivers, whose Tribune Entertainment Co.'s syndicated daily television show "The Joan Rivers Show" appears in more than 120 markets nationwide and whose weekly show "Gossip Gossip Gossip!" appears on the USA television network, stated, "This merger will allow our company to grow utilizing Regal's television and retail resources. I am pleased with my relationship with Regal and feel that this will be a big plus for the company as it will give more exposure of Joan Rivers' products." Regal Communications, through its wholly owned subsidiary, Regal Group, Inc., is a major producer and distributor of infomercials, 30-minute direct response television marketing programs. Regal also develops and markets information and entertainment programs for the pay- per-call consumer market known as Audiotex. /delval/ -0- 3/8/93 /CONTACT: Jack Silver, director of investor information of Regal Communications, 212-826-7144, or Lynn Morgen or Brad Miller of Morgen-Walke, 212-986-5900, both for Regal/ (RCOM)
CO: Regal Communications Corporation; Joan Rivers Products, Inc. ST: Pennsylvania IN: ADV SU: TNM
MJ-MK -- PH007 -- 3932 03/08/93 10:49 EST
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|Date:||Mar 8, 1993|
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