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Article: Radio prefers preferred (stock): groups going with preferred stock options to raise funds.
- Article from:
- Broadcasting & Cable
- Article date:
- February 3, 1997
- Author:
CopyrightCOPYRIGHT 1997 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Groups going with preferred stock options to raise funds
Last quarter's downturn in radio stock values has led several public broadcast groups to issue preferred stock rather than common stock to raise capital, say leading broadcast industry analysts.
In recent weeks, SFX Broadcasting issued $225 million in exchangeable preferred stock, and Chancellor Broadcasting Co. issued $200 million in exchangeable preferred stock and $100 million in convertible preferred stock. And American Radio Systems plans to issue $200 million in exchangeable preferred stock, the analysts say.
Pegasus Communications and Granite Broadcasting also issued preferred stock ...