Premiere Sells Denver Radio Station for $5.5 Million

Premiere Radio Networks Inc., a Sherman Oaks-based producer of radio programming, said it has completed the sale of its FM radio station in Denver to Shamrock Broadcasting Inc. for $5.5 million in cash.

Steve Lehman, chief executive of Premiere, said the company has already used a portion of the proceeds to repay a $1.9-million bank loan, reducing the company’s total long-term debt to about $2 million. Lehman said cash raised from the sale will also be used to develop new programming and radio software.