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Chancellor Media Corp. has formed three units to launch e-commerce businesses and broadcast its radio programs on the ‘Net to capitalize on Internet growth, it revealed Wednesday.

The Dallas-based radio and billboard firm, which is merging with Capstar Broadcasting Corp., also plans to change its name to AMFM Inc. It will propose the new title to shareholders during a July 13 meeting. The three units are:

  • AMFM Interactive Inc. (AMFMi). It will develop and manage the company’s e-commerce businesses and Web sites for its 465 radio stations nationwide, selling CDs as music acts air and promoting local events. The company already has a trial site running in Philadelphia.

  • AMFM.com. It will be the company’s Netcaster, managing the radio broadcasts and video programming from individual radio stations through their Web sites, competing directly with Broadcast.com and Webradio.com. The division’s primary source of revenue will be from the sale of audio and video commercials and sponsorships, e-commerce revenue sharing with AMFMi and the sale of video conferencing and other web-casting business services.

  • And AMFM Equities. It will develop promotional partnerships with new media and Internet concerns to exchange air-time and other exposure for equity in small, start-up companies.

The company said it will continue to explore partnerships with other companies in its Internet ventures. All of the Internet businesses will report to Steve Hicks, prexy and CEO of AMFM’s New Media Group.

“AMFM’s loyal weekly audience of 66 million listeners is our principal Internet asset,” Hicks said. “AMFM is redefining radio as a feedback-driven, user-controlled, value-sharing medium. The visual, interactive capabilities with the Internet will close the loop with radio audiences, transforming loyal but largely anonymous listeners into active members of communities and e-commerce buying clubs.”