AB-PT Confirms Buy of KQV for $700,000

Broadcasting-Telecasting: p. 74. September 2, 1957

     Purchase of KQV Pittsburgh by American Broadcasting - Paramount Theaters for approximately $700,000 was announced last week by Leonard Goldenson, AB-PT president, and Earl F. Reed, president of the station.

     The transaction, subject to customary FCC approval, assures American Broadcasting Network of a continuing outlet in thecountry's eighth largest market. It's current affiliate in Pittsburgh, WJAS (1320 kc, 5 kw) was bought for $275,000 a few weeks ago by NBC, which had been without a regular affiliate there since last year.

     Sale of KQV (1410 kc, 5 kw) was required by the FCC as a condition to its grant of tv ch. 4 to a new group formed by the merger of KQV and WCAE Pittsburgh interests.

     KQV currently is affiliated with CBS Radio.

     In last week's transaction, announced following an AB-PT board meeting Thursday. AB-PT bought all of the stock of Allegheny Broadcasting Crop. (KQV) from the trustees under two voting trusts. The trustees are Mr. Reed and Irwin D. Wolf Jr., Pittsburgh merchant and vice president of Allegheny.

   "AB-PT is demonstrating its confidence in radio's future," Mr. Goldenson asserted. "KQV with its long record of public service represents an important addition to our owned and operated stations. We believe that this major radio station will be a leader in radio's accelerating growth. ABC will make every effort to further improve already successful operation of KQV as a service to the huge listening audience in the Pittsburgh area."

     Puchase of KQV will bring AB-PT's owned radio stations to five. It already owns WABC New York, KABCLos Angeles, WXYZ Detroit, KGO San Francisco, and in addition has 50% interest in WLS Chicago. AB-PT owns five tv stations.