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FOR IMMEDIATE RELEASE
Contact: Pam Taylor
606.655.6523
JACOR AND CBS TO SWAP
RADIO STATIONS
COVINGTON, KY May 28, 1998: Jacor Communications, Inc. (Nasdaq: JCOR) and CBS Corporation (NYSE: CBS) have agreed to swap radio stations in a like kind exchange. In the swap, Jacor will receive six radio stations from CBS in exchange for five stations from the Jacor portfolio.
Jacor will receive two stations in each of San Jose, St. Louis and Baltimore:
KOME-FM KUFX-FM
These additional FMs will add to Jacor's entry into the San Jose market, bringing total broadcast area station count to three FMs and extending the company's presence in the south San Francisco Bay region. Jacor has a definitive agreement to purchase KSJO-FM from American Radio Systems in San Jose and recently announced an agreement to purchase KZWC-FM in Walnut Creek. KZWC services the North Bay area.
KSD-FM KLOU-FM
The new stations will give Jacor six radio stations in St. Louis, adding to the company's current portfolio of three FMs and one AM. KSD-FM has the radio broadcast rights to the St. Louis Rams.
WCAO-AM WOCT-FM
Baltimore will become a new broadcast area for Jacor with the pending acquisition of WCAO-AM and WOCT-FM from CBS and WPOC-FM from Nationwide Communications.
In exchange, Jacor will trade to CBS three stations in Columbus -- WLVQ-FM, WAZU-FM and WHOK-FM and two Minneapolis properties included in the pending Nationwide transaction -- KSGS-AM and KMJZ-FM. Jacor Radio Division President Dave Crowl commented, " It was a tough decision to walk away from our Columbus stations. They have been strong contributors to our success in the market. The Columbus staff is a great group and we wish them the best of luck with CBS. On the plus side, we know we're getting outst anding assets in return for our Columbus properties. Further, the radio stations we're acquiring in Columbus from Nationwide - particularly WCOL and WNCI -- are both market leaders. Along with WFII-AM these three new Nationwide stations will be great addi tions to our Columbus portfolio."
The swap moves Jacor closer to finalizing its pending acquisition of Nationwide Communications, Inc. In October 1997 Jacor announced it had signed a letter of intent to purchase Nationwide's entire station portfolio for $620 million. Nationwide operates 17 stations in nine broadcast areas, including the three stations in Columbus.
The station exchange is subject to several conditions, including but not limited to Jacor's closing of the Nationwide transaction.
Jacor is the nation's second largest radio company measured by total stations. Including announced pending acquisitions, Jacor now owns, operates or represents 204 radio stations in 55 broadcast areas and WKRC-TV in Cincinnati. Additionally, Jacor's wholly owned subsidiary Premiere Radio Networks is the country's third largest provider of syndicated radio programming including the nation's top rated radio talk shows: The Rush Limbaugh Show, The Dr. Laura Schlessinger Show, Dr. Dean Edell and Art Bell. Jacor also owns a satellite distribution service, NSN, which provides bi-directional communications among multiple networks. Jacor plans to pursue growth through continued acquisitions of complementary radio stations in existing broadcast locati ons, and radio groups or individual stations with significant presence in other domestic and international locations. Additionally, Jacor plans to grow in other broadcast related products and businesses.
Visit
www.cfonews.com/jcor/ and www.jacor.com for more information