Outlet Communications makes announcement

Business Wire, July 31, 1995

CRANSTON, R.I.--(BUSINESS WIRE)--July 31, 1995--Outlet Communications Inc. said today that it has received a proposal from the National Broadcasting Company Inc. to acquire Outlet in a merger transaction in which shareholders of Outlet would receive $47.25 per share in cash. Outlet said that NBC's proposal stated that it will terminate at 5:00 p.m., New York City time, on Aug. 2, 1995, unless previously accepted.

Outlet said its Board will consider NBC's offer.

On June 30, 1995, Outlet jointly announced with Renaissance Communications Corp. (NYSE: RRR) that the two companies had signed a definitive merger agreement whereby Renaissance would acquire Outlet for $42.25 per share in cash.

Outlet Communications Inc. (NASDAQ: OCOMA), headquartered in Cranston, R.I., owns and operates two VHF television stations that are both NBC network affiliates: WCMH-TV, serving the Columbus, Ohio market and WJAR-TV, serving the Providence, R.I.-New Bedford, Mass. market; Outlet also owns a UHF television station, WNCN-TV, serving the Raleigh-Durham-Fayetteville-Goldsboro, N.C. market. Currently a WB Television Network affiliate, WNCN-TV will become an NBC affiliate on or before Oct. 2, 1995. Under a time brokerage agreement, Outlet also brokers WWHO-TV, a UHF WB Television Network affiliated station in Chillicothe (Columbus), Ohio.

CONTACT: Outlet Communications Inc.

James G. Babb, 401/455-9250