In the latest radio mega-merger, Clear Channel Communications, San Antonio, said it is acquiring Jacor Communications for $4.4 billion in stock and assumed debt, creating the nation's new No. 2 radio broadcaster with potentially 454 stations in 101 cities. The deal is expected to close in September 1999 and must win U.S. Justice Department approval, which could affect how many stations the new company can keep. In Cleveland, 51% of the radio market would be controlled by the new group. Chancellor Media Corp. and Capstar Broadcasting Corp. in August agreed to combine, creating a group with 471 stations.
Copyright October 1998, Crain Communications Inc.