Premiere Will Sell Station to Shamrock

Premiere Radio Networks Inc., a Sherman Oaks supplier of syndicated radio programming, said it has agreed to sell its radio station KZDG-FM in Denver to Shamrock Broadcasting Inc. for $5.5 million in cash.

Burbank-based Shamrock Broadcasting is owned by Shamrock Holdings Inc., a privately held company controlled by Roy E. Disney and his family, and Trefoil Capital Investors L.P., also of Burbank. Roy E. Disney is the nephew of Walt Disney.

Premiere acquired the radio station in March, 1993, for $3.6 million.

The deal is subject to approval by the Federal Communications Commission, which is expected in about three to four months. In the meantime, Premiere and Shamrock have agreed that Shamrock will absorb “a substantial portion” of the radio station’s operating expenses in exchange for the right to program and sell advertising time on the station.