CC Selling 362 Stations; 3 OR Clusters Go To Bicoastal
May 2, 2007 at 2:48 PM (PT)
CLEAR CHANNEL has announced that it has sold 362 radio stations for $820 million as part of its plan to divest itself of its smaller-market assets in conjunction with the controversial proposal to take the company private. The company did not announce any of the names of buyers or the specific stations involved, although rumors are circulating that DEAN GOODMAN, who recently has been active in buying small-market Midwestern stations, is among the buyers.
One deal that has been officially announced is the sale by CLEAR CHANNEL of its MEDFORD, EUGENE, and ALBANY-CORVALLIS, OR radio clusters to KENNETH R. DENNIS' BICOASTAL MEDIA. KALIL AND CO. served as exclusive broker for the deal.
BICOASTAL is getting Talk KMED-A, Country KRWQ, Oldies KLDZ (KOOL OLDIES 103 FM), Top 40 KIFS (KISS 107), and Rock KZZE/MEDFORD; Classic Country KTHH-A (990 THE LEGEND), Talk KEJO-A (JOE RADIO AM 1240), Rock KFLY, Talk KLOO-A, Classic Rock KLOO-F, and Country KRKT (CRICKET COUNTRY)/ALBANY-CORVALLIS; and Top 40 KDUK, Oldies KODZ (KOOL 99.1), and Talk KPNW-A/EUGENE in the transaction, for which a price has not yet been announced.