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Technology Stocks : Paxson Communications (PAX)
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To: William Duncan who wrote (5)6/23/1997 9:15:00 PM
From: Steven Messina,L.M.T.   of 154
 
Bill,

You said: Have not yet bought into a company that is sold to another.

Paxson didnt sell their company to anyone.....just their radio holdings. They are selling their holdings to Clear Channel Communications Corp. for $693 million in cash..and boy oh boy that is highway robbery. Way to go Bud Paxson!! This is a good maneuver for both PXN and CCU because both get what they want. PXN wants to use the proceeds to complete previously announced acquisitions of TV stations. This is going to be very big for PXN in the future. As for CCU, the deal is sweet as well. They will receive 46 radio stations, six radio news and sports networks and two minor league sports teams, as well as its billboard division. Paxson is selling because he needs the capital to continue with his TV station acquisitions. Thus far he's got about 55 under his belt. CCU feels they can turn a better profit from the radio empire than PXN.....and I agree. It's all in the management! Frankly I'm shocked PXN didnt go up a few points on the news. Perhaps once the deal is finalized, we'll see some action. The sale is still subject to Federal Communications Commission approval, anti-trust clearance and definitive agreements...the usual B.S.

Good luck to you and everyone on this sparce thread! I got in at 13 5/8 today.....a bit premature, but at least I'm in. I didnt know how high she would fly and did not want to miss out. Let's hope the FCC approves the deal. I feel that's what's holding this thing down.

Regards,

Steve
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