Westwood One Inc. sold the assets of its Los Angeles radio station KQLZ-FM for $ 40 million in cash plus working capital to a Viacom Inc. unit. The company said the proceeds of the sale were used to reduce its 16% senior subordinated debentures from $ 43.7 million to $ 12.7 million.
Westwood One expects to complete the sale of WYNY-FM, New York, to Broadcasting Partners Inc. for $ 50 million by the end of this month.
MGM Grand Inc. filed for a common stock offering with the Securities & Exchange Commission. The filing did not specify the exact number of common shares to be offered by the company; however, 1.58 million shares were registered. Proceeds from the offering will be used for general purposes, including expansions, the development of theatrical productions at the showroom of the MGM Grand Hotel, the development of a monorail or the development of property near the MGM Grand Hotel and Theme Park. Bear Stearns & Co. Inc. is underwriting.