Clear Channel/AMFM merger nears Justice OK

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The U.S. Department of Justice is preparing to file a proposed consent decree to approve the $23.5 billion merger between Clear Channel Communications and AMFM Inc. The two companies have agreed to sell 99 stations in 27 markets as part of the transaction, which will create the largest radio broadcasting company in the U.S. The companies have found buyers for stations in all markets except for four stations in Pennsylvania. The consent decree also will detail concerns regarding outdoor advertising ownership as a result of the merger. AMFM owns a minority stake in Lamar Advertising, while Clear Channel owns Eller Media.

Copyright July 2000, Crain Communications Inc.

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