SAGA COMMUNICATIONS TO BUY WLZR AM/FM, MILWAUKEE FROM GREAT AMERICAN TELEVISION AND RADIO CO., INC.
CINCINNATI, Nov. 9 /PRNewswire/ -- Great American Television and Radio Co., Inc. announced today that it has signed a letter of intent to sell WLZR AM/FM, Milwaukee, to Lakefront Communications, Inc., a subsidiary of Saga Communications, Inc. (AMEX: SGA) for approximately seven million dollars cash. The transaction is subject to execution of a definitive agreement by the parties and approval by the Federal Communications Commission. David H. Crowl, president of Great American's Radio Group said proceeds of the sale will be used for future radio acquisitions. Great American is actively pursuing opportunities to establish duopolies in markets where it owns other broadcast properties. WLZR will be the second station for Saga in Milwaukee where Lakefront presently operates WKLH-FM. In addition to WLZR AM/FM, Great American owns ten FM and four AM radio stations in major markets along with six network affiliated television stations. Saga Communications, Inc. is a broadcast company whose business is devoted to acquiring, developing, and operating radio stations. The company currently owns and/or operates fourteen FM and eight AM radio stations serving nine markets primarily in the Midwest and New England, including Columbus, Ohio; Norfolk, Va.; and Milwaukee. -0- 11/9/93 /CONTACT: Anita Wallgren of Great American, 513-562-8000/ (SGA)
CO: Great American Television and Radio Co.; Lakefront Communications ST: Wisconsin IN: ENT SU:
BM -- CL014 -- 2172 11/09/93 10:18 EST
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|Date:||Nov 9, 1993|
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