Chancellor to Acquire More Stations: Chancellor Broadcasting...

Chancellor to Acquire More Stations: Chancellor Broadcasting Co. said it agreed to buy 12 radio stations from closely held Colfax Communications for $365 million in cash, plus net working capital. It marks the company’s third major station acquisition in the last year. After the purchase, Chancellor would have groups of stations in five metropolitan areas and enter two new markets: Milwaukee and Washington. Chancellor would then own 53 stations in 15 markets. “It fits extremely well with their portfolio of stations,” said analyst Harry DeMott of CS First Boston. In May, Chancellor agreed to buy eight Florida stations from closely held OmniAmerica Group for $178 million in cash and stock. Last year, the Dallas-based broadcaster bought 19 stations from Shamrock Broadcasting for $395 million.

Sony to Offer Internet TV Device: Sony Electronics Inc. said its WebTV Internet Terminal, a box that links televisions to the World Wide Web, will arrive in U.S. stores in September for $349. Rival Philips Consumer Electronics Co., the Knoxville, Tenn.-based unit of Dutch Philips Electronics, said earlier this month that it will sell its version of WebTV for $329.