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ing Co. (WTEN and satellites) and Durham Television Inc. (WTVD) took place last August. It followed the purchase of WTVD by Messrs. Thomas and Smith and associates last spring for $1.5 million, with Messrs. Fletcher and Duncan retaining 25%.
Capital Cities is authorized to issue 2 million shares of common stock. There are 1.05 million shares outstanding and 18,000 reserved for warrants.
It is estimated the 52,000 shares being offered publicly will bring in $299,000, with $6,500 to go to the underwriters (Harold C. Shore & Co., New York, and First Securities Corp., Durham, N. C.) as commissions. The proceeds of $292,500 will be used, the offering circular noted, to pay off a $220,000 bank loan made by the Bankers Trust Co., New York, and for working capital.
Mr. Thomas owns 18.5% of Capital Cities and Mr. Smith 13.9%. Other major stockholders are Messrs. Fletcher and Duncan, each owning 4.1%. Mr. Smith, who is president of the Capital Cities company, is also a one-third owner of WCNS-TV Baton Rouge, La.
Balance sheets as of June 30 show that Hudson Valley Broadcasting Co. had total assets of $1,184,150, with current assets of $466,071. Current liabilities were $619,175, and long term obligations, $1,274,885, with a deficit of $852,218. Durham Television as of the same date showed total assets of $2,174,990, with current assets of $327,687. Current liabilities were $324,357, with long term debt, $1,623,724, and a deficit of $15,409.
Hudson Valley had a net deficit, after taxes, of $406,969 in 1955, of $139,244 in 1956 and a net profit after taxes of $60,871 in the first six months of this year.
Durham Television Inc. (WTVD owner) had a net income, after taxes, of $33,140 in 1955, $73,076 in 1956, and a deficit of $13,300 for the first six months of 1957.
Capital Cities' pro forma balance sheet as of Sept. 30 of this year indicates total assets of $3,136,730, with current assets of $563,484. Current liabilities are listed as $683,729, and long term obligations at $1,185,174. The deficit is listed as $882,571.
Ground Broken for KHUM-TV
California-Northwest Broadcasting Co. has broken ground for construction of KHUM-TV Eureka, Calif., and expects to be ready for operation early next year. Studios, offices and transmitter for the ch. 6 station will be housed in a tri-level building on Humboldt Hill, six miles south of Eureka.
Carroll R. Hauser, owner of KHUM Eureka and president of KVEN Ventura, Calif., is president of KHUM-TV. Vice president is George C. Fleharty, president of Shasta Telecasting (KVIP-AM-TV Redding, Calif., 50% owner of KHUM-TV) and mayor of Redding. Mr. Hauser will direct local operations in Eureka and Mr. Fleharty national and regional sales. The George P. Hollingbery Co. will represent both KHUM-TV and KVIP-TV for national sales. The two stations will maintain a program-sales affiliation.
Eochesterians Know
WHAFS 11 HUM!
Of all the things flying about the air, these days, the ones that interest Rochesterians most are the fine programs (the best of CBS and ABC!) carried by Channel 10! That's why most Rochesterians prefer to tune in Channel 10 when they seek a pleasant evening's entertainment. — That's why smart sponsors buy the "Big 10" in Rochester, N. Y.
NATIONAL REPRESENTATIVES:
THE BOLUNG CO. (WVET-TV) EVERETT-McKINNEY (WHEC-TV)
Broadcasting
December 23, 1957 • Page 57