Clear Channel Communications, which is moving toward the purchase of SFX Entertainment this fall, has announced that it has inked a deal to acquire several radio stations in Bangor, Maine. The $20 million deal covers Clear Channel's buy of WGUY-FM, WVOM-FM,WBYA-FM, WBFB-FM, WKSQ-FM, and WLKE-FM from Eastern Radio Assets.
Effective July 15, the deal requires the approval of the Federal Communications Commission.
As reported earlier, once Clear Channel finalizes two outstanding deals—its $14 billion deal to purchase radio broadcaster AMFM and the subsequent $4.4 stock swap deal for SFX—the company will operate a total of 874 radio and 19 television stations in the United States and will have equity interests in over 240 radio stations around the world. In its other significant business, Clear Channel operates more than 700,000 outdoor advertising displays, including billboards, street furniture and transit panels.
After its own aggressive acquisitions campaign in sports and entertainment, SFX Entertainment has sought to establish an early lead in marketing “live experiential” events. SFX develops and manages touring Broadway shows, and sells Broadway subscription series and individual productions in 55 markets. An integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally, SFX has 122 venues overall, and owns or operates venues in 31 of the top 50 domestic markets.
For additional information visit www.clearchannel.com. -- By Murdoch McBride