514-2007
WWW.USDOJ.GOV
TDD (202) 514-1888
JUSTICE DEPARTMENT APPROVES CLEAR CHANNEL'S ACQUISITION OF
JACOR COMMUNICATIONS AFTER PARTIES AGREE TO DIVESTITURES
WASHINGTON, D.C. -- The Department of Justice reached a settlement
today with Clear Channel Communication Inc., that will allow the company to go
forward with its proposed $3.8 billion acquisition of Jacor Communications Inc.
after both parties agreed to sell eighteen radio stations in four cities. Without the
divestitures, the acquisition would have significantly reduced competition in those
cities.
Clear Channel and Jacor have significant market presence in Cleveland and
Dayton, Ohio; Louisville, Kentucky; and Tampa, Florida. The divestitures will
either maintain the existing number of competitors or increase the number of
competitors in those cities.
Under the terms of the agreement, Clear Channel will divest the following
eighteen radio stations: Cleveland, OH -- WENZ-FM and WERE-AM to Radio One
Inc, WNCX-FM to CBS Radio Inc.; Dayton, OH -- WING-AM, WING-FM and
WGTZ-FM to Blue Chip Broadcasting Ltd.; Louisville, KY-- WDJX-FM, WFIA-AM,
WLRS-FM to Blue Chip Broadcasting Ltd., and WSFR-FM and WVEZ-FM to Cox
Radio Inc.; Tampa, FL -- WHPT-FM, WFJO-FM-currently operating as WILV-FM,
and WDUV-FM to Cox Radio Inc., WRBQ-FM and WSJT-FM to CBS Radio Inc.,
WRBQ-AM to ABC Inc., and WZTM-AM to Mega Communications of St. Petersburg
L.L.C. In addition, Clear Channel will divest certain rights it has with respect to
the operation of WMHX-FM in Louisville to Cox Radio Inc.
"The divestitures will preserve the choices available to advertisers in the
Cleveland, Dayton, Louisville and Tampa markets," said Joel I. Klein, Assistant
Attorney General in charge of the Antitrust Division.
Clear Channel, headquartered in San Antonio, Texas, is the third largest
radio group operator in the United States based on number of stations, while Jacor
is ranked second. As of March 1998, Clear Channel operated more than 200 radio
stations in some 48 cities. Jacor, headquartered in Covington, Kentucky, operates
230 stations in 59 metropolitan areas.
###
99-152
