Corrections or additions?
Published in U.S. 1 Newspaper on July 26, 2000. All rights
reserved.
Stock News: From WHWH to an IPO
After almost 40 years, Princeton’s radio stations are
going public. Nassau Broadcasting Company plans an initial public
offering this week that could be worth from $190 to $217 million.
On Thursday, July 27, 12.4 million shares of Class A stock will be
priced at from $16 to $19 per share. Using the symbol NBCR the IPO
is scheduled for Friday, July 28, on Nasdaq.
Since the radio stations WHWH and WPST were founded by Herbert W.
Hobler (a Princeton alumnus with the initials HWH) in 1962, and bought
by Louis F. Mercatanti Jr. in 1986, this company has grown into a
network of 17 FM and 15 AM stations in nine markets in what the
prospectus
calls “demographically attractive suburban areas surrounding major
markets” in New Jersey, Pennsylvania, New York, and Connecticut.
Although the company posted a $4.6 million net loss last year, it had
net revenues of $31.4 million and a broadcast cash flow of $10.6
million.
In May the firm restructured so that it is no longer a limited
partnership and did its first SEC filing. Mercatanti, 43, the CEO, has
a salary
of $425,000, according to the prospectus. Michael S. Libretti, 36,
is chief financial officer and earned $231,515 last year. G. Daniel
Henrickson Jr., 48, earned $170,500 as executive vice president. Joan
Gerberding, president of Jersey Radio Network, earned $195,000 last
year, and Peter D. Tonks, executive vice president, made $166,000
in salary and bonuses.
Michael Anderson of Merrill Lynch and Tristram Collins of Salomon
Smith Barney are the co-lead brokers. Co-managers are Banc of America
Securities, Lazard Freres, and Prudential Securities.
Nassau Broadcasting Company (NBCR), 619 AlexanderRoad, Princeton 08540. Louis F. Mercatanti Jr., CEO. 609-419-0300;fax, 609-419-0143. Home page: www.nassaubroadcasting.com.Previous StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
