Merger Creates World's Largest Out-of-Home Media Company
Aug 31, 2000, 9:24 AM
Clear Channel Communications, Inc. yesterday became the world's largest out-of-home media company by completing its merger with AMFM Inc. in a transaction valued at $23.8 billion, including the assumption of debt. Clear Channel Chairman and CEO Lowry Mays and AMFM Inc. Chairman and Chief Executive Officer Thomas O. Hicks jointly announced the final merger of the two media giants. The combined Clear Channel operations will include more than 900 radio stations, 19 television stations and over 700,000 outdoor advertising displays across 40 countries.