COMPANY TOWN ANNEX
Broadcasting Partners Merging Into Evergreen Media: In a deal that will bring together 22 radio stations in 10 markets, Evergreen Media Corp. said it will acquire Broadcasting Partners Inc. of New York. If approved by federal regulators, Irving, Tex.-based Evergreen will pay $12 and 0.46 shares of its Class A common stock for each share of Broadcasting Partners’ stock. That comes to about $20 a share. Evergreen will also refinance about $81 million of Broadcasting Partners’ long-term debt. In all, the deal is worth about $243 million. In trading on the Nasdaq exchange, Evergreen stock closed down $2 at $15.50 a share. Broadcasting Partners’ stock was up $2.375 at $17.375. Evergreen owns KKBT-FM in Los Angeles.