CLEAR CHANNEL/AMFM MERGER
source: Yahoo News

Clear Channel Communications, Inc. and AMFM Inc. announced that they have entered into a definitive merger agreement (to the combined tune of approx. $56 billion) to create the world's largest out-of-home media entity. After anticipated divestitures required to gain regulatory approval, the combined company will have operations in 32 countries including approximately 830 radio stations and more than 425,000 outdoor displays as well as 19 television stations and significant equity interests in other leading radio broadcasting and outdoor advertising entities.
Pursuant to the Telecom Act of 1996 and other regulatory guidelines, it is expected that collectively Clear Channel and AMFM may divest approximately 125 radio stations to secure regulatory approval for the merger. The station sales resulting from the merger should serve the public interest by increasing the diversity and ownership of radio broadcasting properties.

[ED. NOTE: is that a typo? "increasing diversity and ownership" ?!?]

posted on October 04, 1999 11:32 AM