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Ackerley to Clear Channel for $800M

Ackerley to Clear Channel for $800M

The Ackerley Group has agreed to sell its media holdings to Clear Channel Communications for $800 million. Lowry Mays, Chairman/CEO of Clear Channel Worldwide stated, “This transaction allows Clear Channel to enter Boston, Seattle and Portland, Oregon, three of the top 25 U.S. outdoor advertising markets. Seattle is also a top 25 U.S. radio market where we currently have no presence. In addition, this acquisition enables us to offer our advertising customers more cross-platform advertising
opportunities, because we have a radio station, outdoor advertising operation or live entertainment venue presence in 15 of their 18 television markets.”
Under the terms of the agreement, The Ackerley Group’s shareholders will receive 0.35 shares of Clear Channel Communications, Inc. common stock for each share of The Ackerley Group they own. The transaction is expected to be consummated during the first quarter of 2002. The transaction is subject to the approval of the stockholders of The Ackerley Group and federal antitrust review.
The specific assets include:
Outdoor advertising: Boston (2,507 displays), Seattle (2,233) and Portland, Oregon (1,355).
Radio: Seattle (KJR-AM, KBTB-FM, KUBE-FM, KHHO-AM and KFNK-FM)
Television: In Alaska: Fairbanks (KTVF). In British Columbia: Vancouver (KVOS). In California: Bakersfield (KGET), Eureka (KVIQ), Fresno-Visalia (KGPE), Monterey-Salinas (KCBA, KION), Santa Barbara-Santa Maria-San Luis Obispo (KCOY, KKFX), Santa Rosa (KFTY). In New York: Binghamton (WIVT, WBGH), Elmira (WETM), Rochester (WOKR), Syracuse (WIXT), Utica (WUTR), Waterton (WWTI). In Oregon: Eugene (KMTR).
Interactive Media: Bakersfield, California (, Rochester, New York ( and Monterey-Salinas,
California (