RKO General agreed to settle license challenges...

RKO General agreed to settle license challenges over two radio stations in Bethesda, Md., and Washington. As part of the deal, RKO General will sell the stations to Classical Acquisition Partnership for about $22.3 million and will retain working capital of about $1 million. About $10.4 million will be paid to competing applicants. RKO General, a unit of Gencorp, has now settled FCC license proceedings relating to five of its 12 radio stations and one of its two television stations.