TEXAS (CelebrityAccess MediaWire) — Clear Channel has announced that it will divest 52 of its radio stations in 11 different markets to Gap Broadcasting.
The divestiture is the latest in a series of moves by the radio behemoth to streamline its operations by selling off stations in smaller markets.
The 52 stations, in 11 different markets, primarily Texas, but also Oklahoma and Louisiana. The deal is part of a larger effort to sell nearly half of its holdings, 448 stations in all. The restructuring comes in the wake of a merger last fall with a private equity firm.
Clear Channel rose to prominence in the late 1990s when they went on an acquisition spree, purchasing huge swaths of the radio landscape in North America and has subsequently been the subject of public criticism about the loss of diversity in commercial broadcasting. – CelebrityAccess