IRVING, Texas--(BUSINESS WIRE)--Sept. 24, 1997--
David Kantor, Former President of ABC Radio Network, to Head Operation
Scott K. Ginsburg, President and Chief Executive Officer of Chancellor Media Corporation (Nasdaq: AMFM) today announced the formation of a national radio network, The AMFM Radio Networks, and the appointment of David Kantor to the position of Senior Vice President with responsibility for all of Chancellor Media's radio network operations.
Prior to joining Chancellor Media, Mr. Kantor served as president of ABC Radio Networks, the largest commercial radio network in the world. Under his leadership, ABC Radio Networks increased its weekly reach to over 140 million Americans and dominated almost every part of network radio programming with ABC News Radio, ESPN Radio Network, ABC 24 Hour Formats and a roster of high profile national talent including Paul Harvey, Tom Joyner, Rick Dees, Bob Kingsley, The Fabulous Sports Babe, Dick Bartley and Doug Banks. Mr. Kantor will report directly to Mr. Ginsburg.
Commenting on the creation of Chancellor Media Radio Network and the appointment of Mr. Kantor, Scott Ginsburg said, "With 41 million weekly listeners and 99 stations in the nation's largest markets, the creation of a national radio network presents a tremendous growth opportunity for Chancellor Media. Radio networks are estimated to generate about $500 million in annual revenues on a national basis, and under David's guidance we plan to leverage our existing syndicated programming, broad station base, personalities and advertising inventory to garner meaningful market share and provide a strong platform for network advertisers. By structuring our network offerings to appeal to distinct demographic profiles, we can deliver large and targeted audiences to our advertising clients.
"David Kantor, who is widely acknowledged to be the nation's top radio network executive, reflects Chancellor Media's commitment to developing a leading radio network operation. David's accomplishments in radio are the result of developing new and creative programming, recruiting the best talent on and off the air, and developing decisive strategies for the rapidly consolidating radio industry."
David Kantor added, "Chancellor Media is an ideal platform from which to compete in the radio network industry as the business represents a logical, complementary and synergistic extension of the company's station operating activities, capable of generating strong incremental cash flow. We intend to become leaders in the field by addressing all three segments of the network business -- the Radar networks, syndicated programming and news and information services."
Mr. Kantor was appointed President of ABC Radio Networks in early 1996 and had responsibility for all aspects of programming, affiliate marketing, advertising sales, research, finance, engineering, MIS and international products. He was responsible for the development and recent launch of Radio Disney, the 24-hour children's network. Prior to serving as President, Mr. Kantor was Executive Vice President of ABC Radio Networks. In 1991 he became President of the Satellite Music Network, a position he held until that division was merged into ABC Radio Network. Before joining ABC Radio Networks, Mr. Kantor was Vice President of Cox Cable, having joined that organization in 1986 as director of advertising sales.
Mr. Kantor is a member of The Radio Advertising Bureau and serves on its Executive Committee. He formerly served as a board member of the National Association of Broadcasters and The Cable Television Advertising Bureau. Mr. Kantor holds an MBA from The Harvard Graduate School of Business and an undergraduate degree from University of Massachusetts in Amherst.
Upon consummation of all announced transactions, Chancellor Media will own and operate 99 radio stations in 21 of the nation's largest markets with stations in each of the nation's top ten markets and a combined weekly listener base of in excess of 41 million people.
CONTACT: Chancellor Media Corporation
Matthew E. Devine
Chief Financial Officer
972/869-9020
or
Jaffoni & Collins Incorporated
Joseph N. Jaffoni
David C. Collins
212/505-3015 or jaffoni@jcir.com
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