Clear Channel Communications, the international radio and billboard company that plans to complete its purchase of SFX Entertainment this fall, has signed an agreement with Sunburst Media to purchase KGBX-FM, KGMY-FM, KXUS-FM, KTOZ-FM and KGMY-AM in Springfield, Mo.; KKYS-FM and KAGG-FM in Bryan/College Station, Tx.; and KEAN-FM, KULL-FM, KEYJ FM, KBBA-AM, KEAN-AM and KHYS-FM (formerly KORQ-FM) in Abilene, Tx.
The tab for the acquisition is $57 million and is subject to customary regulatory approval by the Federal Communications Commission.
In the past few weeks, Clear Channel has acquired radio station assets in Maine, Texas and North Dakota as well. In all, the recent deals represent an investment of $129.8 million.
As reported earlier, once Clear Channel finalizes two outstanding deals—its $14 billion deal to purchase radio broadcaster AMFM and the subsequent $4.4 stock swap deal for SFX—the company will operate a total of 874 radio and 19 television stations in the United States and will have equity interests in over 240 radio stations around the world. In its other significant business, Clear Channel operates more than 700,000 outdoor advertising displays,including billboards, street furniture and transit panels.
After an aggressive acquisitions campaign in sports and entertainment, SFX Entertainment has sought to establish an early lead in marketing “live experiential” events. SFX develops and manages touring Broadway shows, and sells Broadway subscription series and individual productions in 55 markets. An integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally, SFX has 122 venues overall, and owns or operates venues in 31 of the top 50 domestic markets. -- By Murdoch McBride