ARS thinks bigger is better, buys EZ; $655 million buy gives it 98 stations in 20 markets. (American Radio Systems Corp. acquisition of EZ Communications Inc.)

$655 million buy gives it 98 stations in 20 markets

American Radio Systems Corp.'s $655 million purchase of EZ Communications Inc. is more about appearance than strategy, brokers say.

ARS is getting bigger to become more attractive to potential investors, suggests Brian Cobb of Media Venture Partners: "They want to get big. That's the number-one thing."

"It's obvious that their plan is to make the company large," says Gary Stevens of Gary Stevens & Co. "They're trying to build a company of significant size, and this kind of thing excites investors."

And, subject to FCC approval, the plan is working. With EZ Communications' 23 stations, ARS grows to 98 stations in 20 markets and …