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Clear Channel/AMFM Marriage Done

Clear Channel/AMFM Marriage Done

The $23.8 billion merger between Clear Channel Communications Inc. and AMFM Inc. is a done deal. The transaction has closed and the group, which will retain the Clear Channel name, includes more than 900 radio stations, 19 TV stations and more than 700,000 billboards.
AMFM stockholders will receive 0.94 Clear Channel shares for each AMFM share held in a tax-free exchange.
The Department of Justice late yesterday OK’d the proposed $23.8 deal, which had first been proposed last October. The DOJ required Clear Channel to divest about 29% of its ownership in Lamar Advertising. Justice felt the partial ownership stake in Lamar would have cut competition in out-of-home advertising in markets where Clear Channel owns stations because Clear Channel also owns a competitor to Lamar called Eller Media.
Clear Channel was also required to spin off 14 more stations. The DOJ last month told the companies to spin 99 stations between them, the largest radio divestiture ever. Eighty-five of those have been sold.
Leslie Stimson