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Clear Channel Announces Plan to Sell Radio Stations Outside the Top 100 Markets and Entire Television Station Group
SAN ANTONIO – November 16, 2006 – Clear Channel Communications, Inc. (NYSE:CCU) today announced plans to sell 448 of its 1,150 radio stations, all located outside the top 100 U.S. media markets, as well as the company’s 42-station Television Group. Collectively, these properties contributed less than 10 percent of the company’s revenues last year.
“Our decision to divest these broadcast properties was reached as a result of the ongoing optimization of our diverse portfolio of media assets,” said Mark Mays, Chief Executive Officer. “These are profitable and well-managed properties in excellent markets. We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders.”
The radio stations scheduled for sale are located in 90 markets outside of the top-100 Arbitron Metros. The television stations are located in 24 small and mid-sized markets throughout the country.
The sale of these assets is not contingent on the closing of the company’s merger agreement announced separately today.
Departing Radio Markets List
Important Additional Information will be filed with the SEC
In connection with the proposed merger, Clear Channel will file a proxy statement with the Securities and Exchange Commission (the “SEC”). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES THERETO. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by Clear Channel at the SEC’s website at http://www.sec.gov. The proxy statement and other documents may also be obtained for free from Clear Channel by directing such request to Clear Channel, Inc., Investor Relations, 200 E. Basse Road, San Antonio, Texas 78209, Telephone (210) 822-2828.
Clear Channel and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the proposed merger. Information concerning the interests of Clear Channel’s participants in the solicitation, which may be different than those of Clear Channel shareholders generally, is set forth in Clear Channel’s proxy statement for its 2006 Annual Meeting of Shareholders previously filed with the Securities and Exchange Commission, and in the proxy statement relating to the merger when it becomes available.
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