In the second major purchase of radio stations announced by the company in the past week, Clear Channel Communications announced a definitive agreement to acquire KNIN-FM, KWFS-FM, KTLT-FM, and KWFS-AM in Wichita Falls, Texas from Apex Broadcasting.
The deal cost the future owner of SFX Entertainment $6.5 million and is subject to the approval of the Federal Communications Commission (FCC). Kalil & Company represented Apex in the sale.
As reported earlier, 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.
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.
-- By Murdoch McBride