The Department of Justice has approved the $23 billion merger of Clear Channel Communications Inc. and AMFM Inc. The DOJ says this is the largest radio transaction ever reviewed by its antitrust division.
The radio groups have agreed to spin off 99 radio stations to satisfy regulator’s broadcast ownership and antitrust concerns. Without the divestitures, the DOJ said there would have been a loss of competition and higher radio ad prices in 27 markets.
The DOJ pegged the value of the spinoffs at about $3.4 billion.
Clear Channel and AMFM have agreed to sell most of the required divestitures before going ahead with the merger.
Other procedural legal details need to be addressed before the transaction is complete. Once done, the combined company would own or operate nearly 900 stations.
Leslie Stimson
Justice Approves AMFM/Clear Channel Deal
Justice Approves AMFM/Clear Channel Deal
