Chancellor Media Corp., Irving, Tex., has stepped up its search for a buyer by hiring Morgan Stanley Dean Witter & Co., Goldman, Sachs & Co., Chase Securities, and Greenhill & Co., in addition to BT Alex. Brown, which it hired as an adviser three weeks ago to explore alternatives including the sale of all or part of the company. Since that announcement, speculation of potential buyers has included Clear Channel Communications and America Online.
Chancellor Media owns 465 stations in 22 major U.S. radio markets, as well as billboards and outdoor advertising displays in 37 states, and seven network affiliated TV stations. Chancellor's purchase price is estimated at $20 billion.
Copyright February 1999, Crain Communications Inc.