Clear Channel Communications Inc. and The Ackerley Group have reached an $800
million agreement for Clear Channel to take over Ackerley, including the
assumption of nearly $300 million in debt.
'This transaction allows Clear Channel to enter Boston, Seattle and Portland,
Ore. -- three of the top 25 U.S. outdoor-advertising markets -- as well as
Seattle, a top 25 U.S. radio market where we currently have no presence,' Clear
Channel chairman and CEO Lowry Mays said.
'In addition, this acquisition enables us to offer our advertising customers
more cross-platform advertising opportunities because we have a radio station,
outdoor-advertising operation or live-entertainment venue presence in 15 of
their 18 television markets,' he added.