Clear Channel Communications, the parent company of SFX Entertainment, announced (Sept. 22) that SFX made "change of control payments pursuant to its offer to purchase due to a change of control dated August 11, in the aggregate principal amount of $115,000.00 for its 9 1/8 percent senior subordinated notes due 2008 ($350,000,000), and in the aggregate principal amount of $725,000.00 for its 9 1/8 percent senior subordinated notes due 2008 ($200,000,000)."
A late call to Clear Channel, to get more details on the above transactions in laymen's terms, was not returned by press time.
As reported earlier, SFX was acquired by Clear Channel on Aug. 1. Clear Channel has also purchased radio broadcaster AMFM, netting the company a total of 874 radio and 19 television stations in the United States, with 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 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.
-- By Murdoch McBride