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FCC OKs Sale Of WLOS-FM, Wometco

FCC OKs Sale Of WLO From Staff and AP Reports The Federal Communications Commission approved Thursday the $1 billion purchase of Wometco Enterprises inc. by a New York Invest- ment firm and the separate purchase of radio station WLOS-FM in Asheville. The commission approved the $1.75 million sale of WLOS to WISE ENTREE COMPUTER For the most in personal computing. Complete Business Analysis Training WLO Radio Inc. of Asheville. The deal between Wometco, of Miami, and Kohlberg Kravis Roberts & Co. is valued at $842 million, based on the payment of $46.50 a share in cash for Wometco's 18.1 million outstanding shares. Wometco's stockholders approved the transaction March 29. The transaction also includes the buyout of the 15 percent interest held by private stockholders in Wometco Cable TV Inc., and the assumption of Wometco's outstanding debt, making the total transaction worth slightly more than $1 billion. Kohlberg Kravis Roberts acquired Wometco through a subsidiary, WBC Broadcasting Corp. and plans to make it a private company, according to officials. Wometco was founded in 1925 by Mitchell Wolfson and Sidney Meyer. Wolfson kept a home in Asheville. He died Jan. 28, 1983, at the age of 82. Wometco grew into a leisuretime company with major business Wometco interests in broadcasting, cable TV, vending and food services, motion picture theaters Coda entertainment parks and bottling. Wometco also operates a vending operation in Asheville. Wometco controls six television stations, which are part of the deal with Kohlberg Kravis Roberts, as well as one radio station. Wometco is one of the nation's 25 largest cable companies, with more than 256,000 subscribers in Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Alabama, Oklahoma and New York. In 1983, Wometco posted net earnings of $30.9 million on revenues of $519.7 million. That compared to 1982 earnings of $26 million on $493.4 million in revenue. Kohlberg Kravis, broke into broadcasting in 1983 by acquiring KTLA-TV in Los Angeles from Gene Autry and The Signal Cos. for $245 million, the highest price ever paid for a single independent TV station.
Article from 13 Apr 1984Asheville Citizen-Times(Asheville, NC)
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