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Clear Channel Buys Jacor in $4.4 Bil. Deal
NEW YORK–In a move that surprised most radio insiders, Clear Channel Communications of San Antonio last Thursday said it purchased middle-market dominator Jacor Communications for $4.4 billion in stock. The combination of Clear Channel, the fourth-largest radio company, and Jacor, No. 3 in the nation, makes a media goliath with outdoor, radio and television properties. The enlarged Clear Channel, in which Jacor will operate as a subsidiary, is now the third-largest radio company in revenue, behind CBS and Chancellor Media.