Clear Channel Radio is a leading radio company focused on serving local communities across the U.S. with more than 110 million listeners choosing Clear Channel Radio programming each week. The company's content can be heard on AM/FM stations, HD digital radio channels, on the Internet, via iPods and cell phones and used via navigation systems from BMW, Volvo, TomTom, Garmin and others.
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Clear Channel Provides Divestitures Update
SAN ANTONIO - Clear Channel Communications, Inc. (NYSE:CCU) today provided additional updates on the divestiture process for its departing radio markets.
Clear Channel previously announced that it was attempting to divest 448 radio stations in 88 markets. To date Clear Channel has entered into definitive agreements to sell 362 radio stations in 72 markets for a total consideration of approximately $820 million. Since its most recent update on April 26, 2007, the Company has signed definitive agreements with various parties to sell 201 stations in 38 markets. The Company expects these transactions to close during the second half of 2007.
The Company estimates net proceeds after-tax and after customary transaction costs for all 362 stations now under definitive agreements will be approximately $730 million. Including the TV Division sale announced on April 20, 2007, Clear Channel expects to receive approximately $1.875 billion in after-tax proceeds after customary transaction costs for broadcasting stations currently under definitive agreements. Information on the treatment of tax loss carry forwards relative to these sales is provided below.
Clear Channel continues to pursue the divestiture of 86 stations in 16 markets. A chart of the remaining radio properties for sale is included below. There can be no assurance that any or all of these stations will ultimately be divested and the Company reserves the right to terminate the sales process at any time.
All sales and contemplated future divestitures mentioned in this release are not contingent upon the completion of the separate merger proposal for Clear Channel Communications, Inc.
TAX LOSS CARRY FORWARDS
The Company plans to utilize its capital loss carry forward to offset the related capital gain on the radio transactions. A portion of the gain will be considered ordinary gain, not capital gain, due to depreciation and amortization recapture, and will be taxed as ordinary income.
There can be no assurance that any of the divestitures contemplated in this release will actually be consummated and therefore the Company may not receive the proceeds estimated herein. Furthermore, there can be no assurance that the Company will be able to utilize tax loss carry forwards to offset capital gains as contemplated in this release.
Remaining Markets in Radio Divestiture Process:
- Ashland/Mansfield, OH
- Ashtabula, OH
- Centralia, WA
- Charlottesville, VA
- Defiance, OH
- Dickinson, ND
- Frankfort, KY
- Grand Forks, ND
- Marion/Carbondale, IL
- Rome/Utica, NY
- San Luis Obispo, CA
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About Clear Channel Radio
Clear Channel Radio is a leading radio company focused on serving local communities across the U.S. with more than 110 million listeners choosing Clear Channel Radio programming each week. The company's content can be heard on AM/FM stations, HD digital radio channels, on the Internet, via iPods and cell phones and used via navigation systems from BMW, Volvo, TomTom, Garmin and others. The company's operations include radio broadcasting, syndication and independent media representation. Clear Channel Radio is a division of Clear Channel Communications, Inc. (OTCBB:CCMO), a leading global media and entertainment company. More information on the company can be found at www.clearchannel.com.
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| Stock Ticker |
CCMO | Last Sale $2.00  |
| CCO (NYSE) | Last Sale $9.20 |
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