Capstar to Buy Triathlon Broadcasting

Capstar Broadcasting Corp., the largest U.S. broadcaster in mid-sized markets, agreed to acquire San Diego-based Triathlon Broadcasting Co. for $190 million in cash and assumed debt. Capstar, which operates 300 stations in 75 markets, will pay $13 a share in cash for Triathlon’s common stock and $10.83 a share for all depositary shares representing preferred stock. It will also assume about $60 million in debt. Triathlon shares fell 59 cents to close at $11.66 on Nasdaq. Capstar, based in Austin, Texas, closed unchanged at $24 on the New York Stock Exchange. Triathlon operates 32 stations in six high-growth markets: Wichita, Kan.; Colorado Springs, Colo.; Lincoln and Omaha, Neb.; and Spokane and the Tri-Cities area of Washington. The transaction is expected to close in the second quarter of 1999.