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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 or 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: December 23, 1996
JACOR COMMUNICATIONS, INC.
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-12404 31-0978313
(Commission File No.) (IRS Employer Identification No.)
50 East RiverCenter Boulevard
12th Floor
Covington, KY 41011
(606) 655-2276
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Item 5. Other Events
In December 1996, in addition to its previously announced acquisitions and
exchanges, Citicasters Co. (the "Company"), an indirect wholly-owned subsidiary
of Jacor Communications, Inc., entered into a binding exchange agreement with
American Radio Systems ("ARS") whereby the Company will exchange the assets of
radio station WKRQ-FM in Cincinnati, Ohio for the assets of three ARS radio
stations in Rochester, New York, WHAM-AM, WHTK-AM and WVOR-FM. ARS has also
agreed to assign to the Company ARS's option to acquire the assets of radio
station WNVE-FM in Rochester. These transactions are subject to various
conditions, including regulatory approval.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated December 27, 1996.
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JACOR COMMUNICATIONS, INC.
Dated: January 9, 1997 By:/s/R. Christopher Weber
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R. Christopher Weber, Senior Vice
President and Chief Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: KIRK BREWER, JACOR
(847) 256-9282
JOE WINN, ARS
(617) 375-7514
JACOR ANNOUNCES TRANSACTION TO EXCHANGE WKRQ-FM
FOR THREE AMERICAN RADIO SYSTEMS STATIONS
CINCINNATI, DECEMBER 27, 1996 -- Jacor Communications, Inc. (NASDAQ: JCOR) said
today it has entered into an agreement through which it will exchange the assets
of WKRQ-FM, Cincinnati, for the assets of three Rochester, N.Y., radio stations
owned by American Radio Systems.
The ARS stations are WHAM-AM, WHTK-AM, and WVOR-FM. In addition, ARS will
assign Jacor an option to purchase WNVE-FM, Rochester, from The Great Lakes
Wireless Talking Machine Limited Liability Corporation.
The transactions are subject to regulatory approval.
Jacor Chief Executive Officer Randy Michaels said, "We're very pleased to
have reached this agreement with ARS, since it satisfies the DOJ Consent Decree
stipulation that we divest WKRQ while providing us a solid base in Rochester."
The DOJ agreement was reached as part of Jacor's acquisition of Citicasters Inc.
ARS has reached a similar agreement with the DOJ requiring divestiture of
the Rochester assets.
Jacor Communications is headquartered in Cincinnati. Including announced
pending acquisitions, Jacor owns, operates, represents or provides programming
for 112 radio stations in 25 U.S. broadcast areas. The company also owns
WKRC-TV in Cincinnati. Jacor plans to pursue growth through continued
acquisitions of complementary stations in its existing broadcast locations, and
radio groups or individual stations with significant presence in other
attractive locations.
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