Clear Channel Communications has agreed to purchase the Seattle-based Ackerley Group, America’s fourth largest outdoor media provider and owner of several TV and radio stations, in a $497 million stock deal.

The boards of both companies have given the purchase the green light, with an announcement expected on Monday.

Clear Channel, which will take on around $303m in debt, doubles its television interests through the acquisition, gaining 18 stations, mainly in New York and the West Coast where it has little TV presence. It also gains outdoor advertising properties in the Pacific Northwest and Massachusetts, plus five Seattle-area radio broadcasters.

The purchase gives Clear Channel access to new markets, part of its strategy to offer a national network of multimedia ad outlets. It previously owned no radio stations in Seattle and had only a small presence in outdoor advertising and TV in the markets serviced by Ackerley. As a result, the deal stands a good chance of receiving regulatory approval.

News source: Wall Street Journal