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Jacor Deal OKd Contingent on Divestitures

California / News and Insight on Business in the Golden
State | THE STATE / COMPANY TOWN ANNEX

August 11, 1998|Bloomberg News

Jacor Communications Inc.'s $620-million purchase of Nationwide Communications Inc. was approved by U.S. regulators on the condition that Jacor sell eight radio stations in California and Ohio. The Justice Department said divestitures in San Diego, Cleveland and Columbus, Ohio, would prevent Covington, Ky.-based Jacor from dominating the radio advertising markets in the three cities. It is the latest regulatory approval in the current round of radio industry consolidations. Some of the divestitures were part of an 11-station trade announced in May by Jacor and CBS Corp.'s Radio Group. The transaction reduces New York-based CBS' market concentration in San Jose, Baltimore and St. Louis, as required by its pending $2.6-billion acquisition of American Radio Systems Corp. Jacor will sell KKLQ-FM and KJQY-FM in San Diego to Heftel Broadcasting Corp. of Dallas, the Justice Department said. Jacor operates 197 radio stations in 55 U.S. markets and had revenue of $600 million in 1997. Shares of Jacor closed at $59.75, off 13 cents on Nasdaq.

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