NEW YORK — Viacom Inc. completed the sale Wednesday of its radio station group to Evergreen Media Corp. and Chancellor Broadcasting Co. for $1.07 billion, giving Viacom cash to reduce its $9.7 billion debt burden.

At the same time, the deal enhances the position of Evergreen and Chancellor, which are due to merge by fall to form Chancellor Media Corp. Chancellor will be the biggest pure radio broadcaster in the country.

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