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October 24, 1997 | Bloomberg News
Clear Channel Communications Inc. said it agreed to buy Universal Outdoor Holdings Inc. for about $1.7 billion in stock and debt, a move to expand the media company's ownership of billboards. Clear Channel said it is offering 0.67 share, worth $42.42, for each Universal Outdoor share, a 2.2% premium over Universal Outdoor's closing price of $41.50 on Nasdaq. Clear Channel said it will assume $495 million of Chicago-based Universal Outdoor's outstanding debt as part of the transaction.
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BUSINESS
October 24, 1997 | Bloomberg News
Clear Channel Communications Inc. said it agreed to buy Universal Outdoor Holdings Inc. for about $1.7 billion in stock and debt, a move to expand the media company's ownership of billboards. Clear Channel said it is offering 0.67 share, worth $42.42, for each Universal Outdoor share, a 2.2% premium over Universal Outdoor's closing price of $41.50 on Nasdaq. Clear Channel said it will assume $495 million of Chicago-based Universal Outdoor's outstanding debt as part of the transaction.
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BUSINESS
May 2, 1997 | From Bloomberg News
Outdoor Systems Inc. on Thursday agreed to buy the billboard business of Minnesota Mining & Manufacturing Co. for $1 billion, solidifying its lead in outdoor advertising. The 3M unit, National Advertising Co. of Bedford Park, Ill., is the third-largest U.S. billboard company, with annual sales of about $220 million and 25,000 billboards nationwide. It has 530 employees.
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