Update on Clear Channel Radio Divestitures
May 4, 2007 10:55 AM
San Antonio - May 2, 2007 - Clear Channel Communications has provided additional updates on the divestiture process for its departing radio markets. Clear Channel previously announced that it was attempting to divest 448 radio stations in 88 markets. To date, Clear Channel has entered into definitive agreements to sell 362 radio stations in 72 markets for a total consideration of about $820 million. Since its most recent update on April 26, 2007, Clear Channel has signed definitive agreements with various parties to sell 201 stations in 38 markets. The company expects these transactions to close during the second half of 2007.
Clear Channel continues to pursue the divestiture of the remaining 86 stations in 16 markets. The stations remaining are in the following markets: Ashland/Mansfield, OH; Ashtabula, OH; Centralia, WA; Charlottesville, VA; Defiance, OH; Dickinson, ND; Frankfort, KY; Grand Forks, ND; Marion/Carbondale, IL; Rome/Utica, NY; San Luis Obispo, CA; The Florida Keys, FL; Tri-Cities, WA; Victorville, CA; Yakima, WA; and Yuma, AZ.