Katz cancels public offering with DLJ deal: $287 million stock sale seen as feeding growth in Radio Group. (Katz Media Corp., DLJ Merchant Banking Partners Inc.) (Brief Article)

Broadcasting & Cable, July, 1994 by Petrozello, Donna

$287 million stock sale seen as feeding growth in Radio Group Katz Media Corp., the nation's largest station rep, last week agreed to sell a majority interest of its common stock to DLJ Merchant Banking Partners Inc., the investment fund of Donaldson, Lufkin & Jenrette Securities Corp.

The deal supersedes Katz's earlier plan to make an initial public offering of stock. The transaction is worth an estimated $287.1 million, including outstanding indebtedness, with a cash outlay by DLJ of approximately $99.6 million. Katz's indebtedness is estimated at $187 million. The deal is expected to close in mid-August. Thompson Dean, managing director, DLJ Merchant Banking Partners Inc., says DLJ made an offer to buy 100% of Katz's shares, but under the...

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