CBS RADIO (CBS) to Swap Five Mid-Size Market Stations for Two Large Market Stations With Clear Channel Communications
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CBS RADIO (NYSE: CBS) announced it has signed a definitive agreement with Clear Channel Communications, Inc. to swap five mid-size market radio stations for two large market stations, moving forward in its strategy of divesting mid-size market stations to focus on large markets.
The swap satisfies U.S. Department of Justice conditions placed on its approval of Clear Channel Communications' merger with Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC earlier this year.
In the trade, Clear Channel will obtain CBS RADIO's KBKS-FM (Seattle), WQSR-FM (Baltimore), KXJM-FM and KLTH-FM (Portland, Ore.), and KQJK-FM (Sacramento, Calif.). In return, CBS RADIO will acquire two stations in Houston, the country's 6th-largest radio market, KLOL-FM (Mega 101.1) and KHMX-FM (Mix 96.5).
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