Heritage|NNP Media|NNP Corp|NNP .|. ,|, New|NNP York|NNP ,|, said|VBD it|PRP offered|VBD to|TO buy|VB the|DT shares|NNS of|IN POP|NNP Radio|NNP Corp|NNP .|. it|PRP does|VBZ n't|RB already|RB own|JJ in|IN a|DT stock|NN swap|NN .|. 

Heritage|NNP ,|, which|WDT owns|VBZ 51|CD %|NN of|IN POP|NNP 's|POS 3.6|CD million|CD shares|NNS outstanding|JJ ,|, said|VBD it|PRP will|MD exchange|VB one|CD share|NN of|IN a|DT new|JJ preferred|VBN stock|NN for|IN each|DT POP|NNP common|JJ share|NN it|PRP does|VBZ n't|RB already|RB own|JJ .|. 
Depending|VBG upon|IN how|WRB many|JJ warrants|NNS and|CC options|NNS are|VBP exercised|VBN prior|RB to|TO completion|NN of|IN the|DT transaction|NN ,|, Heritage|NNP would|MD issue|VB between|IN 1.8|CD million|CD and|CC 2.35|CD million|CD preferred|JJ shares|NNS ,|, a|DT Heritage|NNP spokesman|NN estimated|VBN .|. 
In|IN national|JJ over|IN -|- the|DT -|- counter|NN trading|NN yesterday|NN ,|, POP|NNP plunged|VBD $4|NN to|TO $14.75|NN .|. 

The|DT preferred|JJ stock|NN ,|, which|WDT would|MD have|VB a|DT dividend|NN rate|NN of|IN $1.76|NN a|DT year|NN ,|, would|MD be|VB convertible|JJ into|IN Heritage|NNP common|JJ at|IN a|DT rate|NN of|IN four|CD common|JJ shares|NNS for|IN each|DT preferred|JJ .|. 
New|NNP York|NNP -|- based|JJ POP|NNP Radio|NNP provides|VBZ ,|, through|IN a|DT national|JJ ,|, in|IN -|- store|NN network|NN ,|, a|DT customized|VBN music|NN ,|, information|NN and|CC advertising|NN service|NN which|WDT simulates|VBZ live|VB radio|NN .|. 
Heritage|NNP owns|VBZ and|CC operates|VBZ television|NN and|CC radio|NN stations|NNS and|CC in|IN -|- store|NN advertising|NN and|CC promotion|NN programs|NNS .|. 

