Premiere Radio Stock Sale Raises $27.4 Million
Premiere Radio Networks Inc., a Sherman Oaks supplier of syndicated radio programming, said it raised about $27.4 million from its secondary offering of 1.5 million shares of common stock at $18.25 apiece.
The company sold 1.36 million of the shares; the remaining 140,000 shares were sold by Premiere managers.
Premiere said that its management now owns about 26% of the company, and Archon Communications Inc. owns about 34%. Archon is co-owned by News Corp., and a trust for the family of Michael Milken and other investors.
The company said it would use its proceeds from the stock sale for general corporate purposes, including possible acquisitions.
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