Behind the scenes, a number of questions remain that could hold up or even derail a potential transaction.

These alternatives include potential transactions involving third parties as well as actions the company may take alone.

However, Fitch will continue to assess the risk that the potential transaction is not executed in line with management's expectations.

He also advises investors and private equity firms regarding potential transactions and media industry issues.

Top executives at the companies discussed a variety of potential transactions as recently as three weeks ago.

Terms of a potential transaction were not disclosed; the firm is privately held.

It said that it presented the company with four potential transactions in October 1992.

"Since we announced the potential transaction we have seen significant falls in the markets," McGrath said.

It added that it would consider the status of potential transactions with third parties, as well as other strategic alternatives.

The listener's interest in receiving information regarding potential commercial transactions is "substantial."