| Ticker: PRJ | 75 Fountain Street | |
| Exchange: New York Stock Exchange | Providence, Rhode Island 02902 | |
| Industry: Service | (401) 277-7000 |
| Type of Shares: | Class A Common Shares | Filing Date: | 4/22/96 | |
| U.S. Shares: | 7,125,000 | Offer Date: | 6/24/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 7,125,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.97 | |
| Offering Amount: | $114,000,000 | Selling: | $0.58 | |
| Expenses: | $1,100,000 | Reallowance: | $0.10 | |
| Shares Out After: | 45,996,450 |
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-2000 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 504-4525 |
| Auditor: KPMG Peat Marwick | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $312.51 | $75.11 | $69.73 | Assets: | $703.71 |
| Net Income: | -$5.00 | -$14.89 | -$2.81 | Liabilities: | $459.75 |
| EPS: | -$0.13 | -$0.39 | -$0.07 | Equity: | $243.96 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company operates nine network affiliated television stations, provides programming and marketing services to two television stations, publishes a daily newspaper, and produces interactive new media services. The Company's television broadcasting group reaches 5.6 million households, or 6% of all U.S. television households; its newspaper is the leading newspaper in its market in terms of advertising and circulation; and certain of its programming and new media businesses, such as the Television Food Network, serve subscribers and viewers nationwide. The Company's broadcasting operations are located in markets ranging from the 12th to the 127th largest Designated Market Areas (defined by A. C. Nielsen Co. ("Nielsen") as geographic markets for the sale of national "spot" and local advertising time) in the United States ("DMAs"), with five such Stations in the 50 largest DMAs. Five of the Stations are network affiliates of the National Broadcasting Company Incorporated ("NBC") television network, two are network affiliates of the Fox Broadcasting Network ("Fox"), one is a network affiliate of the American Broadcasting Company ("ABC") and one is a network affiliate of CBS, Inc. ("CBS"). The Company publishes the leading newspaper in terms of advertising and circulation in its market of Rhode Island and southeastern Massachusetts, the Providence Journal-Bulletin Monday through Saturday and The Providence Sunday Journal. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness under the company's revolving credit line agreements. |
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