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CALIFORNIA | LOCAL
March 21, 2000 | BARBARA MURPHY
Salem Communications Corp. in Camarillo, which owns various Christian-oriented radio, electronic and print media, has signed an agreement with Clear Channel Communications to acquire radio stations KEZY-AM and KXMX-FM in Los Angeles, as well as six other stations in Dallas, Denver, Cleveland and Cincinnati. Salem will pay $185.6 million in cash for the stations. The acquisitions are subject to regulatory approval and consummation of a planned merger between Clear Channel and AMFM Inc.
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BUSINESS
November 4, 1999 | From Associated Press
Broadcasting executives announced an investment fund Wednesday aimed at spurring ownership of television and radio stations by minorities and women. Led by CBS Corp. chief Mel Karmazin and the head of Clear Channel Communications Inc., Lowry Mays, the industry initiative already has $175 million in cash commitments. Officials said that translates into $350 million in purchasing power available to minorities and women with experience in the industry.
BUSINESS
March 14, 2000 | From Bloomberg News
Radio One Inc., the largest U.S. broadcaster serving black audiences, agreed to pay $1.3 billion for 12 stations owned by Clear Channel Communications Inc., which is becoming the No. 1 radio company. The company will buy stations in Los Angeles, Houston, Miami and four other cities from Clear Channel and AMFM Inc., which Clear Channel is buying for $23 billion. Clear Channel is selling $4 billion in stations to win government approval of the takeover.
BUSINESS
February 15, 2005 | From Reuters
DMX Music Inc., whose digital library of tunes can be tapped by travelers at 30,000 feet, said Monday that it filed for bankruptcy protection as part of its plan to be acquired by a private investment partnership. DMX, a majority-owned unit of Liberty Media Corp.'s Liberty Digital, supplies commercial-free music on the ground via cable and satellite and is one of the biggest providers of airlines' in-flight music and videos.
ENTERTAINMENT
September 4, 1999 | JUDITH MICHAELSON, TIMES STAFF WRITER
Employees and listeners of talk station KFI-AM (640) and adult contemporary music outlet KOST-FM (103.5) can rest easy, but not those of R&B oldies station KACE-FM (103.9). The incoming owner of KFI and KOST has "no plans at this time for changes in the stations' programming or personnel," a spokesman for Dallas-based AMFM Inc. said this week. "Those are great stations," spokesman Joseph N. Jaffoni explained.
BUSINESS
August 30, 2000 | From Associated Press
The Justice Department approved the $23.8-billion merger of Clear Channel Communications Inc. and AMFM Inc. into the U.S.' largest radio broadcaster after they agreed to sell part ownership of a billboard company. On July 20, Clear Channel and AMFM agreed under government pressure to sell 99 radio stations in 27 markets, the largest radio divestiture ever. So far, the companies have sold 85 of the stations.
BUSINESS
May 20, 1999 | From Reuters
Chancellor Media Corp., which is set to become the largest U.S. radio company, on Wednesday announced the creation of three business units designed to capitalize on the growth of the Internet and said it plans to change its name to AMFM Inc. Dallas-based Chancellor said shareholders will vote on the name change, as well as its planned acquisition of Capstar Broadcasting Corp., on July 13. The purchase, originally valued at $4.1 billion, will make Chancellor the biggest U.S.
BUSINESS
May 8, 2002 | HOLLY M. SANDERS, BLOOMBERG NEWS
Clear Channel Communications Inc., the biggest U.S. radio company, had a first-quarter loss of $16.9 billion after writing down the value of acquired assets. But the company's sales and profit before the write-offs beat forecasts, boosting Clear Channel's shares. Clear Channel's loss widened to $27.85 a share from a loss of $309.2million, or 53 cents, in the year-ago period, Chief Financial Officer Randall Mays said. Sales in the latest quarter rose 4% to $1.7billion.
ENTERTAINMENT
January 7, 2000 | JUDITH MICHAELSON, TIMES STAFF WRITER
Next Friday at 5:30 a.m., a brand-new radio format will be launched on San Francisco's KNEW-AM: all-technology news and feature programming. And it's very likely that the format, called CNET Radio, will arrive on an AM outlet in the Los Angeles-Orange County market before the end of the year. Not quite all-tech-all-the-time, the format--produced by CNET Inc., a media company specializing in computers and technology, and radio conglomerate AMFM Inc.
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