wsj_0165.xml

WSJ 891102 891102 -0026 WSJ 891102 -0026 = 891102
= 891102
891102-0026 . 891102-0026 . Marketing Brief -- Heritage Media Corp. : @ Firm to Buy Rest of Shares @ Of POP Radio in a Swap Marketing Brief -- Heritage Media Corp. : @ Firm to Buy Rest of Shares @ Of POP Radio in a Swap 11/02/89 11/02/89
11/02/89
WALL STREET JOURNAL ( J ) WALL STREET JOURNAL ( J ) HTG POPX HTG POPX TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) TENDER OFFERS , MERGERS , ACQUISITIONS ( TNM ) Heritage Media Corp. , New York , said it offered to buy the shares of POP Radio Corp. it does n't already own in a stock swap . Heritage , which owns 51 % of POP 's 3.6 million shares outstanding , said it will exchange one share of a new preferred stock for each POP common share it does n't already own . Depending upon how many warrants and options are exercised prior to completion of the transaction , Heritage would issue between 1.8 million and 2.35 million preferred shares , a Heritage spokesman estimated . In national over-the-counter trading yesterday , POP plunged $ 4 to $ 14.75 . The preferred stock , which would have a dividend rate of $ 1.76 a year , would be convertible into Heritage common at a rate of four common shares for each preferred . New York-based POP Radio provides , through a national , in-store network , a customized music , information and advertising service which simulates live radio . Heritage owns and operates television and radio stations and in-store advertising and promotion programs .