Abduction of Art Bell Programs
The Art Bell programs have been purchased by Jacor. Art says do not worry, the program will NOT change and will continue to be the weird program of Jacor's lineup!
The Press Release
Signs agreement for Art Bell and KOPE
Contact: Dan Yukelson, Premiere Radio Networks
FOR IMMEDIATE RELEASE
Jacor Communications, Inc. Signs Binding Agreement to Acquire Art Bell Syndicator Chancellor Broadcasting Co., Inc., Talk Radio Network, Inc., and KOPE-FM for approximately $9.0 Million
The Acquisition of Art Bell Programs and 17 Talk Radio Network Programs Expands Jacor's Slate of Syndicated Talk Programming
COVINGTON, Kentucky - January 28, 1998 - Premiere Radio Networks, a wholly owned subsidiary of Jacor Communications, Inc. (Nasdaq: JCOR) announced today that it has signed definitive agreements to acquire Chancellor Broadcasting Co., Inc. and Talk Radio Network, Inc. syndicators of Art Bell's two nationally renowned network radio programs, "Coast-to-Coast AM" and "Dreamland," and 17 other talk radio programs. In the cash transactions valued at approximately $9.0 million, Jacor will also acquire radio station KOPE-FM in Medford, Oregon. Closing of the Art Bell and Talk Radio Network transactions are anticipated within the next month while the radio station acquisition is subject to customary closing conditions, including FCC approval.
Art Bell's two programs are broadcast on approximately 400 radio stations in the U.S. and Canada, including top radio markets such as New York, Los Angeles and Chicago. Millions of late and overnight listeners "tune-in" to Art Bell's two programs on a daily basis. Bell's "Coast-to-Coast AM" program is broadcast live Mondays through Fridays from 10:00 p.m. to 3:00 a.m. PST, and is rebroadcast by many of the same radio station affiliates at varying times on Saturdays and Sundays. Bell's "Dreamland" program is broadcast live three Sundays per month from 6:00 p.m. to 9:00 p.m. PST, and is rebroadcast approximately one Sunday each month.
Art Bell's two programs provide a forum for listeners to voice their views on nearly any topic. Alan Corbeth, President of Chancellor Broadcasting commented that, "Everything on Art's shows is fair game, from politics to aliens and UFOs, from gun control to near death experiences, and on and on. Art's shows are among the most interesting, diverse and informative shows across the country today." Bell is also the author of two books, "The Art of Talk" and "The Quickening," the latter of which was on The New York Times best seller list. Mr. Corbeth will continue with Jacor as a Vice President of Premiere Radio Networks.
Formed in 1993, Talk Radio Network has rapidly grown into a syndicator of 17 radio programs, including "The Roger Fredinburg Show" and "The Dave Dawson Show." Talk Radio Network's programs are broadcast nationally by more than 300 radio stations.
Jacor subsidiary Premiere Radio Networks, the number one syndicator of talk programming and high profile talk radio talents such as Rush Limbaugh and Dr. Laura Schlessinger, will add Art Bell's shows and the Talk Radio Network shows to its syndication platform. In addition, Jacor and Premiere also syndicate such nationally known radio personalities as Dr. Dean Edell, Leeza Gibbons, Michael Reagan and Jim Rome, in addition to its wide array of program mini-features, research services, production music libraries and jingles services. More than 4,000 radio stations utilize one or more of Jacor and Premiere's syndicated programs and services.
In commenting on the move to Premiere, Mr. Bell stated, "I am excited about the opportunities this acquisition will have for the continued success of my two programs,`Coast-to Coast AM' and `Dreamland.' It has been greatly rewarding to watch my shows blossom from literally a handful of radio stations to almost 400 today. I am extremely thankful for having the opportunity to experience the spectacular growth of my shows while participating in a career I deeply enjoy."
Randy Michaels, Jacor Chief Executive Officer commented that "I have long been a fan of Art's `Coast-to-Coast' show. His highly-rated programs are a perfect fit with Jacor's strategy to acquire and develop high quality, hard to duplicate programming. Combined with Rush, Dr. Laura, and Dr. Dean Edell we now have the four hottest radio talk shows in America. Art's programs clobber the competition in the late and overnight time slots."
Steve Lehman, President and Chief Executive Officer of Premiere, stated: "Premiere shares Randy's excitement in welcoming Art to the Jacor/Premiere family. The acquisition is an excellent strategic fit in both programming and in the continued leveraging of Premiere's sales infrastructure. More and more listeners are tuning in to late and overnight radio. Our acquisition of After MidNite Entertainment approximately one year ago was only the first step in our strategy to reach this growing base of radio listeners."
Jacor Communications, Inc. is the nation's second largest radio station group measured in terms of total stations. Including the recently announced Nationwide Communications acquisition and including other announced or pending acquisitions, Jacor owns, operates,or represents 186 radio stations in 48 U.S. broadcast areas, and one television station.
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