RUMOR MILL
Once the divestitures are okayed by the FCC, Clear Channel will pick up $4.3 billion in gross proceeds, including the swaps, pocketing $3.1 billion from the transactions.
Tuesday, March 14, 2000
THEY CAN FCC FOR MILES
Divestiture Tally Reaches 110 For No. 1 Radio Company
Less is more for Clear Channel. Following its third, and apparently final, round of divestitures yesterday (see story), the San Antonio-based radio colossus has sold a total of 110 stations in 37 markets, swapping an additional 19 stations in five markets. That bit of bidness completed, Clear Channel now expects the FCC to approve the company’s pending move to acquire AMFM of Dallas, first announced last October. Once the divestitures are okayed by the FCC, Clear Channel will pick up $4.3 billion in gross proceeds, including the swaps, pocketing $3.1 billion from the transactions. Cha-ching.
As a result of the sell-offs, Clear Channel is left with a measly 874 radio stations, plus 19 TV stations—meaning the company can readily boast they're "Still number one."
