EZ Communications Inc. of Fairfax, the owner of 15 radio stations, announced yesterday that it had agreed to be acquired for $100 million by Noble Broadcast Group Inc. of San Diego.
The takeover agreement comes less than four months after the privately held company's plans to sell stock to the public were dashed by the stock market collapse.
EZ Communications' president, Alan Box, said the company was not soliciting a takeover and had no plans to sell when it "received out of the blue an offer that we thought was attractive. ... We received what we think is a good price for the stockholders."
Box declined to comment on further details of the agreement until a contract is signed.
EZ Communications owns radio stations in cities across the country, including Pittsburgh, St. Louis, New Orleans, Seattle and Sacramento, Calif.
None of its stations is in the Washington area, although it used to own WEZR-FM (now WBMW-FM).
The company has previously announced agreements to sell two of its radio stations, in Richmond and Fresno, Calif., and they will not be included in the sale to Noble.
Noble owns five radio stations, in San Diego, Kansas City, Denver, New Haven and on Long Island.
Box said he expects a contract to be signed next week.
The agreement is expected to become final this summer, pending approval of each company's board and stockholders and the receipt of various government approvals.
EZ Communications, founded 21 years ago, was scheduled to go public the week of Oct. 19, when the market collapsed.
The company had planned to sell two million shares at between $11 and $13 each to raise cash to buy more radio stations, but those plans were dropped when the plunge sent stock prices tumbling.