The Outlet Co. which is buying WTOP radio, yesterday bought a Los Angeles radio station and said it plans to acquire the full quota of 21 radio and television stations allowed by the Federal communications Commission.
That plan would mean buying two more television and nine radio stations, which would make the Providence, R.I. company one of the biggest in broadcasting.
Outlet agreed to pay $4.5 million in cash to acquire KIQQ-FM from Cosmic Communications Inc. of Los Angeles, said Bruce G. Sundlun, Outlet president.
The purchase has been approved by both boards of directors and now requires FCC approval.
Outlet is already awaiting the okay of th FCC to takeover all-news WTOP. Outlet agreed in November to pay The Washington Post Co. $6.65 million in cash and notes for the station.
Outlet is a diversified retailing and broadcasting company which owns the local Phillipsborn and Beydas stores and the Flair in Richmood.
Sundlun said purchase of the washington and Los Angeles stations is "part of Outlet's expansion plan to obtain the full quota of broadcast properties" allowed by the FCC.
FCC permits a single firm to own a maximum of seven AM and seven FM radio stations, five VHF television stations and two UHF stations.
Outlet's stable now includes only three radio stations - WJAR-AM in Providence and WDBO-AM and FM in Orlando, Fla.
The company's four TV stations, all VHF channels, are WJAR, Providence; WDBO, Orlando; KSAT, San Antonio; and WCMH, Columbus, Ohio. It has an application pending to in Syracuse, N.Y. for $11 million to a group headed by Larry Israel, former president of The Washington Post. Outlest said at the time it was getting rid of the Syracuse station so it could buy another VHF station in a bigger market.
build a new UHF station in Oklahoma City.
Last summer Outlet sold WNYS-TV
Outlet president Sundlun, who has a home in Washington, formerly was an assistant U.S. attorney her and a member of the Washington law firm of Sundlum, Shear and Singer. He is on the board of Communications Satellite Corp. and is chairman of Executive Jet Aviation.
Outlet also announced a new stock purchase plan which will enable its 8,000 employees to buy the company's stock through payroll deductions, with the company matching 10 per cent of each worker's investment.