SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 12, 2000
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Interep National Radio Sales, Inc.
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(Exact Name of Registrant as Specified in Charter)
New York 333-60575 13-1865151
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) (Identification No.)
100 Park Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 916-0700
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
On December 12, 2000, the Registrant entered into an agreement 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. TDI was awarded the exclusive license to
sell New York City subway car and station advertising by the New York City
Transit Authority ("NYCTA") in December, 1999, and the license extends through
2005.
In particular, among other things, the Registrant is purchasing the
rights and benefits that accrue to TDI from the license agreement between NYCTA,
the Staten Island Rapid Transit Operating Authority and TDI and also the
advertising contracts of TDI relating to the license agreement.
Completion of the transaction is subject to the satisfaction of
certain conditions, including the Registrant's completion of due diligence to
its satisfaction, the Registrant's obtaining requisite financing for the
transaction on terms consistent with the provisions of the indenture governing
the Registrant's 10% Senior Subordinated Notes due in 2008, and regulatory
approvals. The purchase price to be paid by the Registrant in cash on closing
of the transaction is $35 million.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The following document is filed as an exhibit to this Current Report:
10. Acquisition Agreement, dated as of December 12, 2000, between the
Registrant and TDI. (Schedules are not included. Copies will be furnished
supplementally to the Securities and Exchange Commission on request).
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTEREP NATIONAL RADIO SALES, INC.
(Registrant)
Date: December 27, 2000 By /s/ William J. McEntee, Jr.
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William J. McEntee, Jr.
Vice President and
Chief Financial Officer
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