$275 million changes hands in deal
NEW YORK — Radio consolidator Chancellor Media Corp. announced agreements Wednesday to acquire six radio stations in Cleveland for $275 million.
The Irving, Texas-based company’s acquisition of four FM and two AM stations will position Chancellor as a leading radio station group operator in Cleveland, the country’s 23rd largest market in terms of radio revenues.
Five of the six stations are among ratings leaders in their respective target demographics, offering such formats as soft-rock, urban radio and contemporary hits.
Sellers are the Independent Group Limited Partnership, Zapis Communications and ML Media Partners.
Chancellor CEO Jeffrey A. Marcus called the acquisitions key to the company’s strategy of “operating superduopoly clusters of radio stations.
“With this acquisition,” he continued, “we have assembled a station group that, in one unique transaction, positions Chancellor as a leading operator in Cleveland, a market previously unserved by Chancellor’s radio division.”
Chancellor, the country’s second-largest radio broadcasting company, also has interests in outdoor advertising and television.