TNC MEDIA SELLS THURSDAY NIGHT CONCERTS SUBSIDIARY
TNC MEDIA SELLS THURSDAY NIGHT CONCERTS SUBSIDIARY MILFORD, Pa., July 20 /PRNewswire/ -- TNC Media, Inc. ("TNCI"),
announced today that effective June 30, 1992, it sold its Thursday Night Concerts Corp. ("Concerts") subsidiary to Robert B. Meyrowitz, former president and director, and Stephen P. Cherner, former director of TNCI.
TNCI retained a 20 percent interest in Concerts, for $125,000, which is subject to reduction upon payment in full by Concerts of a non-interest-bearing, non-recourse promissory note in the approximate principal amount of $572,000. Also, a total of 430,000 shares of TNCI common stock were redeemed and cancelled and certain employment contracts requiring over $800,000 in payments over the next two years were cancelled. Concerts will continue business operations in the pay-per-view field and is continuing discussions with a major media company regarding additional financing for Concerts and other special events, including sporting events. Sue Doty-Lloyd, director and publisher of the company-owned weekly newspaper, was named acting president. -0- 7/20/92 R /CONTACT: Sue Doty-Lloyd of TNCI, 717-296-2611/ CO: TNC Media, Inc.; Thursday Night Concerts Corp. ST: Pennsylvania IN: ENT SU: GK-LD -- NY085 -- 1240 07/21/92 10:50 EDT
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|Date:||Jul 21, 1992|
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