The Federal Communications Commission has given the green light to radio, TV and outdoor giant Clear Channel Worldwide’s $991 million (€1.1 billion; £676m) purchase of smaller rival the Ackerley Group.
Announced last fall [WAMN: 08-Oct-01], the acquisition will raise Clear Channel’s TV portfolio from 19 to 37 stations across the USA, giving it interests in areas such as New York and the West Coast where it previously had little presence.
Ackerley also brings with it five Seattle radio stations – again a new area for Clear Channel – and a variety of outdoor properties, mostly in the northwest.
The merger will result in Clear Channel owning both TV and radio stations in eleven markets, in five of which it will be in breach of FCC cross-ownership regulations. The watchdog has given the media giant twelve months to sell off some of its assets in these areas.
Data sourced from: MediaWeek.com (USA); additional content by WARC staff