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...companies said Leonard Goldenson, the 79-year-old chairman and chief executive officer of ABC, would serve as chairman of the executive committee of the proposed new company...
...ABC has television and radio operations and also is involved in publishing, video enterprises, motion pictures and scenic attractions Capital Cities owns newspapers, TV and radio stations and cable TV systems...
...ABC and Capital Cities said shareholders of both companies are to consider the deal at their annual meetings in June. Proxy materials outlining the agreement will be mailed as soon as possible, they said...
Under the agreement, each ABC shareholder would receive $118 in cash plus a tenth of a warrant that would allow the purchase of Capital Cities common stock at a set price...
...companies said that including the warrant provision the deal was worth $121 a share ABC has 291 million shares outstanding...