Company Town

Finance: Prudential Securities, in a move marking expansion of its work in Southern California’s entertainment business, is forming a new Los Angeles-based Telecommunications and Media Group to specialize in those areas. Overseeing the new group will be Prudential Managing Director Michael Burns, who will also continue to head the firm’s Los Angeles investment banking office, and director Jay Grossman, who formerly worked in Kidder Peabody’s media and entertainment group. Prudential said it plans to target mid-size and emerging companies in the broadcasting, programming, publishing, video and interactive fields. Robert Berzins, another former Kidder Peabody executive specializing in entertainment, will join Prudential as vice president of high-yield research specializing in media and entertainment.

*

* Radio: Premiere Radio Networks said it has signed a definitive agreement for Archon Communications--controlled by the family trust of former junk bond king Michael Milken--to provide it with $14.8 million to fund its growth in domestic and international radio markets. Archon is an affiliate of Archon Capital Partners, which was founded for the purpose of investing in Premiere Radio. Premiere said it plans to use the funds for acquisitions and internal development to expand its programming and radio research services and to introduce interactive and international radio services.