graphic
News > Deals
Clear Channel buys Jacor
October 8, 1998: 8:15 a.m. ET

Broadcaster paying $4.4B stock, will operate 454 stations in 101 markets
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Clear Channel Communications Inc. agreed Thursday to buy rival Jacor Communications in a deal valued at $4.4 billion, including the assumption of debt.
     The tax-free, stock-for-stock transaction will create the nation's second-largest radio broadcaster, based on number of radio stations, and the third-largest by revenue as well as the world's largest out-of-home advertising company.
     The combined company will own or operate 454 radio stations in 101 U.S. markets.
     The boards of both companies already have approved the merger, which is expected to close by Sept. 30, 1999.
     Jacor (JCOR) will operate as a separate subsidiary of Clear Channel (CCU) and no significant changes are expected to its operations.
     Once the merger is completed, Jacor shareholders will own roughly 25 percent of the combined company. Back to top

  RELATED STORIES

ACTV tests custom channels - Oct. 5, 1998

CBS' radio group files IPO - Sept. 18, 1998

  RELATED SITES

Clear Channel Communications

Jacor Communications


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.