Chancellor Media Corp., Irving, Texas, said it will acquire Whiteco Outdoor Advertising for $930 million. Last June, Chancellor purchased outdoor advertising company Martin Media for $610 million. With the Whiteco purchase, Chancellor will own 35,000 outdoor faces in 37 states, making Chancellor Outdoor the fifth-largest outdoor group. The deals follows last week's announcement that Chancellor and Capstar Broadcasting Corp., Austin, will merge, creating the nation's largest radio station group. Whiteco operates in 50 markets where Chancellor and Capstar have radio stations and in all eight of Chancellor's TV markets.
Copyright August 1998, Crain Communications Inc.