Clear Channel Communications, the radio broadcaster and billboard company that plans to purchase SFX, a leading sports and live entertainment corporation, has announced a "definitive agreement to acquire KFGO-AM, WDAY-FM, KFGO-FM, KVOX-AM, KULW-FM, and KRVI-FM in Fargo, North Dakota from companies owned by Tom and Jim Ingstad for $46.3 million."
Media Venture Partners represented the Ingstads in the deal, which must still be approved by the Federal Communications Commission (FCC).
After an aggressive acquisitions campaign in sports and entertainment, SFX Entertainment has sought to establish an early lead in marketing “live experimental” 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