Lowry Mays, Chairman and CEO of Clear Channel Worldwide and Barry Ackerley, Chairman and Chief Executive Officer of The Ackerley Group today announced that the companies have entered into a definitive merger agreement. The Ackerley Group is a diversified media company with outdoor, television, radio and interactive media assets. Clear Channel Worldwide is a global leader in the out-of home advertising industry with radio and television stations, outdoor displays, and entertainment venues in 64 countries around the world.
Under the merger, Clear Channel will acquire assets such as outdoor advertising in Boston, Seattle, and Portland, Ore. as well as radio stations including KJR/AM, KBTB/FM, KUBE/FM, KHHO/AM, and KFNK/FM in Seattle.
Lowry Mays said, “We’re very excited to have The Ackerley Group join the Clear Channel family. They have assembled a truly unique set of assets with top quality personnel that will be a great complement to Clear Channel. This transaction allows Clear Channel to enter Boston, Seattle and Portland, Oregon, three of the top 25 U.S. outdoor advertising markets. Seattle is also a top 25 U.S. radio market where we currently have no presence. In addition, this acquisition enables us to offer our advertising customers more cross-platform advertising opportunities, because we have a radio station, outdoor advertising operation or live entertainment venue presence in 15 of their 18 television markets.”
“Over the past 26 years, The Ackerley Group has established a reputation for building quality assets and a quality working environment for employees,” said Barry Ackerley, Chairman and CEO of The Ackerley Group. “We are proud of that legacy and we are pleased to be part of this transaction in the best interest of our shareholders.”
The Ackerley Group currently operates more than 6,000 outdoor displays in the Boston, Seattle and Portland, Oregon metropolitan markets. In addition to the outdoor displays, the Company also owns 16 television stations and provides programming and sales for two other television stations, owns four radio stations, provides sales and other services to one additional radio station and operates interactive news portals in three of its television markets.
Under the terms of the agreement, The Ackerley Group’s shareholders will receive 0.35 shares of Clear Channel Communications, Inc. common stock for each share of The Ackerley Group they own. The transaction is expected to be consummated during the first quarter of 2002. The transaction is subject to the approval of the stockholders of The Ackerley Group, the Federal Communications Commission and the Department of Justice.