|
TransactionsClear Channel Sells Three San Diego Stationsby Gary Stigall (March 13, 2000) Clear Channel Communications, Inc. divested three San Diego radio properties as part of its pending merger with AMFM Inc. Chase Radio Partners agreed to buy KSDO (AM), and CBS/Infinity agreed to buy KPLN (FM) and KYXY (FM). In Orange County, KEZY (AM) and KXMX (FM) are being sold to Salem Communications. A total of 110 radio stations in 37 markets are part of the divestiture agreement. In aggregate, the Company will receive approximately $4.3 billion in gross proceeds from the divestitures, which include swaps of 19 radio stations in five markets. Interestingly, the sale of KPLN brings the ownership full circle. Westinghouse, parent of Infinity, owned the station, previously KJQY, till it was sold in the mid-1980's. |
||