Radio station group Chancellor Media Corp., Irving, Texas, agreed to acquire outdoor advertising company Martin Media, Paso Robles, Calif., for $610 million in cash. Chancellor has radio stations in six of Martin's 29 markets. The deal awaits approval but is expected to be completed by September. Chancellor is the latest radio group entering outdoor media; last March, radio group Clear Channel Communications purchased for $1.2 billion outdoor giant Eller Media Co.
Copyright June 1998, Crain Communications Inc.