In one of the biggest media consolidation deals yet, Clear Channel Communications, San Antonio, today agreed to buy AMFM Inc. (formerly Chancellor Broadcasting), Dallas, in a deal valued at more than $17 billion. The merger would combine the No. 1 and No. 2 radio companies. Clear Channel said the deal would give it 830 radio stations, after 125 are sold off to comply with antitrust and market ownership laws. Clear Channel also would own 19 TV stations, Katz Media and major interests in outdoor media (Eller Outdoor). Clear Channel may have the clout and reach to sell ads nationally.
Copyright October 1999, Crain Communications Inc.