As predicted, Clear Channel Communications completed the divestiture of some 120 radio stations this week, marking the final step in its bid for court and government approval of the multi-billion dollar purchase of radio broadcaster AMFM.
"We are waiting for The Department of Justice to file stipulation and final judgment with the U.S. District Court for the District of Columbia," a company statement read. After a waiting period, Clear Channel will be able to complete the merger with AMFM.
Clear Channel says it has divested the following stations:
Barnstable Broadcasting, Inc., Des Moines, Iowa, KGGO-FM / KHKI-FM; Greenville, S.C.,WROQ-FM / WTPT-FM
Blue Chip Broadcasting, Inc., Cincinnati, Ohio, WUBE-AM
Chase Radio Partners Biloxi, MS, WKNN-FM / WMJY-FM; San Diego, Calif., KSDO-AM; San Francisco, Calif., KCNL-FM; San Jose, Calif., KFJO-FM; Waco, Texas, KBRQ-FM
Cox Radio, Inc., Richmond, Va., WKHK-FM / WKLR-FM /WMXB-FM / WTVR AM; Houston, Texas, KKBQ-FM / KKTL-FM / KLDE-FM
Cumulus Media, Cedar Rapids, Iowa, KDAT-FM / KHAK-FM / KRNA-FM; Melbourne, Fla., WHKR-FM; Shreveport, La., KMJJ-FM / KRMD-AM / KRMD FM
Emmis Communications Denver, Colo., KXPK-FM; Phoenix, Ariz., KKFR FM
Entravision Communications Corp., Los Angeles, Calif., KACD-FM / KBCD FM
Genesis Communications, Inc., Ft. Pierce, Fla., WIRA-AM
Infinity Broadcasting Cleveland, Ohio, WDOK-FM / WQAL-FM / WZJM-FM; Cincinnati, Ohio, WUBE-FM; Denver, Colo., KDJM-FM / KIMN-FM / KXKL-FM; Greensboro, N.C., WMFR-AM / WSJS-AM / WSML-AM; Orlando, Fla., WJHM-FM / WOCL-FM / WOMX-FM; Phoenix, Ariz., KMLE-FM / KOOL-FM / KZON-FM; San Diego, Calif., KPLN-FM / KYXY-FM
Inner City Broadcasting Corp., Columbia, S.C.,WARQ-FM / WMFX-FM / WOIC-AM /WWDM-FM; Jackson, Miss., WJMI-FM / WKXI-AM / WKXI-FM /WOAD-AM / WYJS-FM
Mega Communications, Daytona Beach, Fla., WNUE-FM
Pecan Partners Ltd., Austin, Texas, KFON-AM
Phoenix Media/Communications Group Providence, R.I., WWRX-FM
Radio One, Inc., Cleveland, Ohio, WJMO-AM / WZAK-FM; Dallas, Texas, KBFB-FM; Greenville, S.C., WJMZ-FM; Houston, Texas, KBXX-FM / KMJQ-FM; Los Angeles, Calif., KKBT-FM; Miami, Fla., WVCG-AM; Raleigh, N.C., WFXC FM / WFXK-FM / WNNL-FM /WQOK-FM
Regent Communications, Albany, N.Y., WABT-FM / WGNA-AM / WGNA-FM /WQBK-FM / WTMM-AM / WQBJ-FM; Grand Rapids, Mich., WGRD-FM / WLHT FM / WTRV-FM / WNWZ-AM
Rodriguez Communications, Inc. San Francisco, Calif., KXJO-FM
Saga Communications, Inc. Springfield, Mass., WHMP-FM / WHMP AM
Salem Communications, Cincinnati, Ohio, WYGY-FM / WBOB-AM; Cleveland, Ohio, WKNR-AM / WRMR-AM; Dallas, Texas, KDGE-FM; Denver, Colo., KALC FM; Orange County, Calif., KEZY-AM / KXMX-FM; Secret, Austin, Texas, KEYI-FM; Charles Giddens Trust, Allentown, Pa., WEEX-AM / WODE-FM; Denver, Colo., KVOD-AM; Harrisburg, Pa., WNCE-FM / WNNK-FM / WTCY-AM /WTPA-FM; Houston, Texas, KJOJ-AM / KJOJ-FM / KQUE-AM /KSEV-AM / KTJM-FM; Pensacola, Fla., WMEZ-FM / WXBM-FM
Clear Channel also reports that the following stations have been "received in swaps:"
Barnstable Broadcasting, Inc., Akron, Ohio, WKDD-FM / WTOU-AM
Cumulus Media, Ann Arbor, Mich., WIQB-FM / WQKL-FM / WTKA-AM /WYBN AM; Chattanooga, Tenn., WUSY-FM / WUUS-AM / WRXR-FM /WLOV-FM / WKXJ-FM; Eau Claire, Wis., WATQ-FM / WBIZ-AM / WBIZ-FM /WMEQ-FM / KMEQ-AM / WQRB-FM; McAllen, Texas, KTEX-FM / KBFM-FM; Salisbury/Ocean City, Md.,WLVW-FM / WQHQ-FM / WTGM-AM /WAWR-AM / WSBY-FM / WJDY-AM / WWFG-FM / WLBW-FM / WOSC-FM
Regent Communications, Mansfield, Ohio, WYHT-FM / WSWR-FM / WMAN AM; Victorville, Calif., KATJ-FM / KZXY-AM / KIXA-FM / KROY-AM / KIXW AM Four weeks ago, Clear Channel closed the deal to acquire live event and theatre producer SFX Entertainment in a $4.7 billion, tax-free stock-for stock swap purchase. The completion of the $16.6-$23 billion AMFM deal will cap a year of corporate acquisition that included the transfer of ownership of SFX Theatrical.
As reported earlier, once Clear Channel finalizes its $16.6-$23 billion AMFM deal, 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.
The theatre angle here involves Clear Channel's SFX, which bought up many of the theatres and theatrical properties once owned by Livent, which went up for sale when the latter dissolved in the wake of alleged financial improprieties on the part of former Livent head Garth Drabinsky. Clear Channel's investment in SFX represents the increasingly corporate climate of Broadway theatre.
* [Reports vary on the exact value of the AMFM stock-swap deal; the current range goes between $16.6 and $23 billion.]
-- By Murdoch McBride