Clear Channel Communications Inc. said it has agreed to transfer 11 radio stations to Snowden Broadcasting of New Orleans L.C. The transfer will take the form of a capital contribution to Snowden, a limited-liability corporation in which Clear Channel will continue to hold an 80% ownership stake but no voting interest. The transfer requires FCC approval.
* * *Interactive Network Inc. raised about $ 22.5 million selling 2.37 million common shares of its stock in a private placement at $ 10 each in an offering to non-U.S. purchasers. The remaining cash covered offering fees. The company, which already has backing from NBC and Tele-Communications Inc., said it will use the proceeds to fund the continuation of its national rollout.
* * *Marvel Entertainment Group Inc. unveiled a 32-page Spiderman Magazine that will debut in February.
* * *Broadcasting Partners Inc. said it entered a letter of intent to acquire Detroit-based radio stations WNIC-FM and WMTG-AM from Fairmont Communications Corp.’s Renaissance Broadcasting Corp. unit. Financial terms weren’t disclosed.
* * *An initial offering of 3.5 million common shares of CableMaxx Inc. was priced at $ 12 each through underwriters led by Oppenheimer & Co. The company had expected the shares to be offered between $ 12 and $ 14 each. The size of the offering was increased from the originally planned 3 million shares, expected to come to market between $ 12 and $ 14 each.
* * *MTV Networks’ MTV Latino and Tucson CableVision Inc. said a special two-week “acquisition” campaign has resulted in the addition of more than 2,400 new subscribers to the Tucson system. MTV Latino said subscriber growth attributed to the campaign more than doubled system expectations.
* * *Rogers Communications Inc. said it has completed the proposed offering of convertible debentures in the U.S. and Ontario. The debentures mature in 2005. Rogers said gross proceeds total $ 153 million in American funds, excluding the underwriters’ over-allotment provision, and the stated amount at maturity will be $ 225 million. Merrill Lynch & Co. was lead manager.
* * *Broadcasting Partners Inc. said it entered a letter of intent to acquire Detroit-based radio stations WNIC-FM and WMTG-AM from Fairmont Communications Corp.’s Renaissance Broadcasting Corp, unit. Financial terms weren’t disclosed.