Clear Channel gives this update to its ongoing sale of some of its radio stations: 402 down, 46 to go.
It wants to sell 448 stations in 88 markets; as of mid-year, it had agreed to sell 389 stations in 77 markets for approximately $871.5 million.
“To date, the Company has completed the sale of 29 of these radio stations for total consideration of $75.8 million,” it stated. “The Company expects the remaining transactions to close during the second half of 2007. The Company estimates that aggregate net proceeds after taxes and customary transaction costs for these 389 stations will be approximately $781 million.”
Since June 30, it also has reached deals to sell another 13 radio stations in two markets for $4 million. That leaves 46 stations in nine markets still to go.
Separately, Clear Channel is expecting net proceeds from the sale of its television group of $1.1 billion.