SEATTLE, WASHINGTON ... June 1, 1995 ... Todd Shipyards
Corporation ("Todd") announced today that it has organized
Elettra Broadcasting, Inc. ("Elettra") through its wholly
owned subsidiary, TSI Management, Inc. (TSI).  Elettra has
signed contracts to purchase three FM radio stations in the
Monterey, California market for a total consideration of
$3.5 million.  The three stations are KXDC (FM), KAXT (FM)
and KPIG (FM) licensed to Hollister, Carmel and Freedom,
California, respectively.

The investment will be managed by Stephen G. Welch, Chief
Operating Officer of TSI and Ken Dennis, President and Chief
Operating Officer of Elettra.  Both Welch and Dennis were
formerly executives with King Broadcasting Company.  The
Board of Directors of Elettra will include Welch, as well as
four members of the Company's Board of Directors, several of
whom have significant media and broadcasting experience.

The effect of the transaction on revenues and earnings of
the Company is not expected to be material in the near term.
The Company currently has no plans to make significant
additional equity contributions to Elettra, though Elettra
may investigate additional acquisition opportunities.