Radio and advertising giant Clear Channel Communications Inc. will acquire SFX Entertainment Inc., a leader in the live entertainment industry, in a stock swap worth $3.3 billion.
With the deal, and after other pending acquisitions, Clear Channel will own radio stations, outdoor advertising properties and live entertainment venues in more than half of the top 50 U.S. markets.
Clear Channel will assume $1.1 billion of SFX debt, bringing the value of the deal to $4.4 billion.
SFX, based in New York, says it is the world's largest promoter, producer and venue operator for live entertainment events, with 120 live entertainment venues in 31 of the top 50 U.S. markets. It also owns agencies that represent scores of professional athletes.
San Antonio-based Clear Channel, the world's largest billboard company, owns radio and television stations and outdoor displays in 32 countries. It recently agreed to acquire AMFM Inc., which operates more than 400 radio stations in 100 markets in the United States and Puerto Rico. The deal will combine the two largest U.S. radio station owners.