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AMERICAN TELEMEDIA BUYS BUILDER’S STOCK

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American Telemedia Network Inc. has acquired all the outstanding stock of Meadow Valley Contractors Inc., a privately held interstate bridge building company in Phoenix.

The outstanding shares of Meadow Valley Contractors were acquired for $8 million, paid by a five-year, $7,775,000 promissory note and 900,000 shares of American Tele-media Network stock, a company spokeswoman said Monday.Meadow Valley Contractors has generated a backlog of about $30 million in contracts to be completed by Aug. 1, 1990, and achieved revenues of $18.1 million in 1988, with a net profit of $2 million.

The firm licensed to operate in three states derives most of its revenues from government-funded interstate bridge projects.

"We are excited about the prospects of Meadow Valley Contractors and what its acquisition means to ATN," said Earl Cook, president of the Utah company.

American Telemedia Network also operates a truck stop in Brooks, Ore., that was acquired in November 1988.

The two properties "should permit ATN to attain profitability on a consolidated basis during 1989," Cook said.