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Clear Channel brings AMFM into focus

Justice Dept. took final step in approving deal

TV and radio group Clear Channel Communications said Tuesday that it expects to complete a $23.8 billion purchase of radio broadcaster AMFM as soon as today, creating a 900-station radio group that would rank as the nation’s largest.

The Justice Dept. took the final step in approving the transaction on Tuesday, asking a federal court to approve an agreement in which the companies will sell about 100 stations to resolve antitrust issues in 27 markets. A judge is expected to approve the agreement today.

It’s been about 11 months since San Antonio-based Clear Channel agreed to buy Dallas-based AMFM.

Separately on Tuesday, live-concert producer SFX Entertainment won a judge’s approval for a $34.5 million settlement of lawsuits filed by shareholders, who contended they’d be shortchanged in a $4 billion buyout by Clear Channel.

Clear Channel completed the acquisition of New York-based SFX on Aug. 1. The settlement, announced after a judge’s decision in Dover, Del., involved a suit that had been filed in Chancery Court in Wilmington.

— From wire service reports

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