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Chancellor brings Martin into fold

Media group venturing into outdoor ad biz

Radio broadcaster Chancellor Media Corp. announced plans to enter the lucrative and consolidating outdoor advertising business Monday with an agreement to buy Martin Media LP for $610 million in cash.

The transaction also marks the first outdoor advertising venture for Dallas buyout firm Hicks, Muse, Tate & Furst, which owns about 11% of Chancellor.

Based in Paso Robles, Martin Media is a privately held company with more than 13,000 outdoor advertising sites in 12 states.

Chancellor, which is headquartered in Irving, Texas, and owns and operates 108 radio stations, said it expects to use the outdoor sites as a promotional tool for its radio stations and cross-sell advertising.

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