News Brief

Interep Buys NYC Subways

Interep National Radio Sales has agreed to purchase the New York City subways advertising business of Transportation Displays Incorporated (TDI), a division of Infinity Broadcasting Corporation, which is largely owned by Viacom Inc. Interep will form a separate subsidiary for this operation, with its own financing, management team and sales force. Terms of the transaction were not announced. Completion of the transaction is subject to the satisfaction of certain conditions, including Interep's obtaining requisite financing, its satisfaction with certain other financial matters, and regulatory approvals.

Ralph Guild, Chairman and CEO of Interep commented, "This is Interep's first venture outside of electronic media, and we feel that it is a business that will benefit from our advertising sales expertise. In addition, it is a natural extension of our core radio business, offering advertisers another way to reach New Yorkers outside of the home. Transit advertising, which includes the subways as well as other transportation venues, is one of the fastest growing segments of out-of-home advertising."