Approval of its $23.8 billion deal to purchase the AMFM radio group gives Clear Channel Communications the go-ahead to create the largest radio company in the United States with nine hundred different stations.
The Justice Department yesterday rubber-stamped the acquisition, conditional on Clear Channel selling its 29% interest in Baton Rouge outdoor advertising firm Lamar Advertising. Clear Channel also owns rival outdoor shop Eller Media of San Antonio and the department ruled that its interest in both “would have resulted in higher prices.'”
Another, earlier, condition imposed by the department required Clear Channel to sell ninety-nine of its existing radio stations. Fourteen of these remain unsold and it has just 150 days left in which to comply with the regulator's ruling.
News source: Advertising Age - Daily Deadline