Radio giant tunes into Seattle-based Ackerley
HOLLYWOOD — Radio and concerts behemoth Clear Channel Communications said Monday that it will acquire the Ackerley Group, a Seattle-based media concern, in an $800 million stock-and-debt deal.
Transaction, expected to be completed in the first half of next year, would extend Clear Channel’s radio reach with four Seattle properties Ackerley operates in that market.
Overlaps may force sales
San Antonio-based Clear Channel also would add 18 TV stations to its current 19 and substantially pad its massive billboard operations. Regulatory review could prompt Clear Channel to resell some of the TV properties, all located in smaller markets but with possible overlaps with company holdings.
“We are very excited to have the Ackerley Group join the Clear Channel family,” Clear Channel chairman-CEO Lowry Mays said. “They have assembled a truly unique set of assets with top-quality personnel that will be a great complement to Clear Channel.”
Company, which bought the large AMFM radio group last year for $23.8 billion, would have 1,224 radio stations after acquiring Ackerley. Deal would add some 6,100 billboards to company’s 770,000 outdoor ad displays.
Ackerley topper Barry Ackerley touted his 26-year-old company’s “record for building quality assets.”
Investors rallied to Ackerley shares on the news, with the stock closing up $2.40, or 21.8%, at $13.40 Monday. Clear Channel shares were off $1.01, or 2.5%, at $39.30.