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Clear Channel Communications Acquires The Ackerly Group

The Ackerley Group has entered into a merger agreement with Clear Channel Communications, Inc. to be acquired in an all stock transaction. The Ackerley Group operates more than 6,000 outdoor displays in Boston, Seattle and Portland, Ore., as well as owning radio and television stations.

As of the market close on Oct. 5, the transaction values The Ackerley Group at approximately $800 million. This includes the assumption of approximately $294 million of The Ackerley Group's debt.