In a move that will create the biggest radio company in the U.S., with 900 stations, the Justice Department today gave final approval to Clear Channel Communications' $23.8 billion deal to acquire AMFM. As a part of the deal, the department required Clear Channel to sell off its 29% interest in outdoor advertising shop Lamar Advertising, Baton Rouge, La. Clear Channel owns Eller Media Co., San Antonio, an outdoor rival, and the department took the position that owning both Eller and part of Lamar "would have resulted in higher prices.'' Earlier, the Justice Department had required Clear Channel to sell off 99 radio stations to acquire AMFM. Clear Channel has sold off 85, and must sell the other 14 within 150 days.
Copyright August 2000, Crain Communications Inc.