Clear Channel Announces Plan to Sell Radio Stations Outside the Top 100 Markets and Entire Television Station Group
Source: Clear Channel Press Release Clear Channel Communications, Inc. (NYSE:CCU) today announced plans to sell 448 of its 1,150 radio stations, all located outside the top 100 U.S. media markets, as well as the company’s 42-station Television Group. Collectively, these properties contributed less than 10 percent of the company’s revenues last year.
“Our decision to divest these broadcast properties was reached as a result of the ongoing optimization of our diverse portfolio of media assets,” said Mark Mays, Chief Executive Officer. “These are profitable and well-managed properties in excellent markets. We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders.”
The radio stations scheduled for sale are located in 90 markets outside of the top-100 Arbitron Metros. The television stations are located in 24 small and mid-sized markets throughout the country.