Clear Channel Sells 5M Shares in Lamar Ad Stock, Per AMFM Consent Decree

News   Clear Channel Sells 5M Shares in Lamar Ad Stock, Per AMFM Consent Decree Clear Channel Communications, acting under a Consent Decree with the Department of Justice in connection with its recent merger with radio broadcaster AMFM, has "entered into an agreement to sell 5,000,000 shares of the Class A Common Stock, par value $.001 per share, of Lamar Advertising Company through Deutsche Banc Alex Brown. "

Clear Channel Communications, acting under a Consent Decree with the Department of Justice in connection with its recent merger with radio broadcaster AMFM, has "entered into an agreement to sell 5,000,000 shares of the Class A Common Stock, par value $.001 per share, of Lamar Advertising Company through Deutsche Banc Alex Brown. "

As reported earlier, theatrical producer SFX was acquired by Clear Channel on Aug. 1, 2000. The company later purchased radio broadcaster AMFM on Aug. 30 and now describes itself as the world's largest "out-of-home" media company: Clear Channel now operates 1,140 radio and 18 television stations in the United States and has equity interests in over 240 radio stations internationally. Clear Channel also operates more than 750,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world.

After an aggressive acquisitions campaign in sports and entertainment, Clear Channel's SFX Entertainment established 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.

According to a company statement dated Jan. 12, Clear Channel has "granted the underwriter an over-allotment option exercisable for 30 days to purchase an additional 750,000 shares of the Class A Common Stock. The offering was made pursuant to an effective registration statement on file with the Securities and Exchange Commission. Before the exercise of the over-allotment option, the Company held 19,115,073 shares of the Class A Common Stock."

—By Murdoch McBride