Financial Briefs

Petry Inc., the TV advertising rep firm, has established a networks wing that will give advertisers the ability to target any demographic group, programming genre, daypart or geographic location, the company announced Tuesday. John Andariese, who serves as prexy of Petry’s recently acquired barter syndication unit Totalvideo, will take on the additional role of president of the new division.

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Malrite Communications Group Inc. said it has agreed to sell WJJZ-FM in Philadelphia to Pyramid Broadcasting. Pyramid is the owner of nine radio stations in Philadelphia. WJJZ-FM is the principal asset of Malrite Guaranteed Broadcast Partners L.P., and the sale is part of the planned liquidation of the partnership, Malrite said. The sale is subject to regulatory approval and the approval of Delaware Chancery Court.

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Greater Media-owned KLSX-FM has named former KLOS-FM program director Ken Anthony as the program director for the classic rock station. Anthony, who most recently served as operations manager at River City Broadcasting in St. Louis, starts at the station Tuesday. He replaces Andy Bloom, who has been upped to VP of radio programming for Greater Media.

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Hollywood Entertainment Corp. registered with the Securities and Exchange Commission to offer 1.3 million common shares. The company said proceeds from the offering, estimated at $ 22.6 million, will be used to help fund the acquisition of 33 video retail superstores. Montgomery Securities will underwrite. The over-allotment option is for 195,000 shares. Hollywood said it plans to acquire 29 Video Central stores and four Entertainment Central stores for $ 30.5 million from H.E. Butt Grocery Co.

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HMG Digital Technologies Corp. said some of its shareholders converted about $ 4.4 million of its subordinated debt into preferred stock. The conversion allows HMG, an independent maker and duplicator of audio and videocassettes and CDs, to meet the net worth requirements to continue being listed on NASDAQ.

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