Clear Channel spins, cont'd.
Elizabeth A. Rathbun -- Broadcasting & Cable, 5/15/2000
Federal approval of the merger of AMFM Inc. into Clear Channel Communications Inc. hinged on the divestiture of some 112 radio stations worth about $4.3 billion. Broadcasting & Cable will continue to report on the specifics of the deals as documents are released by the FCC. The first set of contracts, for stations worth about $2.04 billion, was reported in the April 17 issue.
- License only of KCMG(FM) Los Angeles; WVCG(AM) Coral Gables/ Miami, Fla.; WFXC(FM) Durham/ Raleigh, N.C., WQOK(FM) Raleigh/ Durham, WNNL(FM) Fuquay-Varina/Raleigh/Durham and WFXK(FM) Tarboro/Raleigh/Durham; WJMO(AM) and WZAK(FM) Cleveland; WJMZ-FM Anderson/Greenville, S.C., and KBFB(FM) Dallas and KBXX(FM) and KMJQ(FM) Houston
Price: About $1.3 billion
Buyer: Radio One Inc., Lanham, Md. (Alfred Liggins, president); owns were(am)-wenz(fm) Cleveland
- Swap of wjdy(am)- WSBY-FM, WLVW-FM, wtgm(am)-wqhq(fm) Salisbury, Md., WOSC(FM) Bethany Beach, Del./Salisbury, WLBW(FM) Fenwick Island, Del./Salisbury and WWFG(FM) Ocean City/Salisbury; WIQB-FM, wtka(am)-wqkl(fm) and WYBN(AM) Ann Arbor, Mich.; WIIS(AM) (formerly wuus)-wlmx-fm (formerly wrxr-fm) Rossville, Ga./ Chattagnooga, Tenn., and WUSY(FM) Cleveland/Chattagnooga, WKXJ(FM) Signal Mountain/Chattagnooga and WLOV-FM South Pittsburg/Chattagnooga, all Tenn.; KTEX(FM) Brownsville/ McAllen and KBFM(FM) Edinburg/ McAllen, Texas, and WBIZ-AM-FM Eau Claire, WQRB(FM) Bloomer/Eau Claire, WATQ(FM) Chetek/Eau Claire and WMEQ-AM-FM Menomonie/Eau Claire, Wis., for Clear Channel's WHKR(FM) Rockledge/ Melbourne, Fla.; KDAT(FM) and KHAK(FM) Cedar Rapids and KRNA(FM) Iowa City/Cedar Rapids, Iowa; KMJJ-FM and KRMD-AM-FM Shreveport, La., and WNNK-FM and WTCY(AM) Harrisburg, WTPA(FM) Mechanicsburg/ Harrisburg and WNCE-FM Palmyra/ Harrisburg, Pa. Note: Cumulus also is acquiring wtms(am)-waoa(fm) Melbourne
Value: About $209.5 million (includes about $36.6 million cash; deal was renegotiated from value of $219.5 million including $147.5 million cash [B & C, May 8])
- KGGI(FM) Riverside, KSDO(AM) San Diego, KFJO(FM) Walnut Creek/San Francisco, KSJO(FM) and KUFX(FM) San Jose and KCNL(FM) Fremont/San Jose, all Calif.; WPOC(FM) Baltimore; WMJY(FM) Biloxi and WKNN-FM Pascagoula/Biloxi, Miss.; WRFY-FM Reading, Pa., and KBRQ(FM) Hillsboro/Waco, Texas
Price: $107.406 million
Buyer: Chase Radio Properties L.L.C., San Antonio, Texas (Anthony R. Chase, operating manager/51% owner). Anthony Chase owns 72% of Faith Broadcasting Corp., which owns 45% of KTJM(FM) Port Arthur, Texas (being sold to Clear Channel)
- WHMP-AM-FM Northampton, Mass.
Price: $12 million
Buyer: Saga Communications Inc., Grosse Pointe Farms, Mich. (Edward K. Christian, president)
- WIRA(AM) Fort Pierce, Fla.
Price: $200,000 cash
Buyer: Genesis Communications, Atlanta (Bruce Maduri, principal; Starter Enterprises, parent); owns WAMT(AM) Melbourne, WAJL(AM) and WFIV(AM) Orlando and WLVU(AM) and WWBA(AM) Tampa, Fla.
FCC documents also disclose that Clear Channel and AMFM are putting some other stations into trust. The companies are worried that the deals for these stations might not close in time for them to consummate their merger. Charles E. Giddens was named the trustee. He will operate the stations pending their being spun off. Note that the contracts for the following deals have not yet been released and the prices for the stations have not been disclosed:
- KXJO(FM) Alameda/San Francisco, Calif., and KVOD(AM) Denver (minority buyer Rodriguez Communications Inc. plans to buy; Rodriguez already has filed to sell kxjo to Spanish Broadcasting Systems Inc. [see "Changing Hands" item)
- KBCD(FM) Newport Beach/Los Angeles and KACD(FM) Santa Monica/Los Angeles, Calif. (Entravision Communications Corp., which currently owns/is buying ksse[fm] Riverside/Los Angeles and kszz[am] San Bernardino/Los Angeles and klob[fm] Thousand Palms/Los Angeles, plans to buy)
- WPLR(FM) New Haven, wnlk(am)-wefx(fm) Norwalk/Stamford and wstc(am)-wkhl(fm) Stramford, Conn.; WAPE-FM, wbwl(am)-wmxq(fm) and wokv(am)- WKQL(FM) Jacksonville, WFYV-FM Atlantic Beach/Jacksonville and WEDR(FM) Miami, Fla., and WFOX(FM) Gainesville/Atlanta, Ga. (These stations are not part of the Clear Channel/ AMFM spinoff. Cox Radio Inc. filed last year to swap its kfi(am)-kost(fm) Los Angeles for these stations [B & C, Sept. 20, 1999]. The FCC has approved all the transactions except that of wfox, which is holding up the entire deal.)
- WMEZ(FM) Pensacola and WXBM-FM Milton/Pensacola, Fla. (Urban Radio Licenses L.L.C. plans to buy)
- KGGO(FM) and KHKI(FM) Des Moines (Two Rivers Broadcasting L.P. plans to buy)
- weex(am)-wode-fm Easton/Allentown, Pa. (Nassau Broadcasting Partners L.P. plans to buy; broker: Serafin Bros.)
- WWRX-FM Westerly, R.I. (FNX Broadcasting L.L.C. plans to buy)
