Clear Channel, CBS Radio Swap Outlets

Continuing to further its strategy to divest mid-size market stations and focus on large markets, CBS Radio on Dec. 15 announced a definitive agreement with Clear Channel Radio to swap five mid-size market stations for two large market stations.
 
In the trade, Clear Channel will obtain CBS Radio’s CHR/top 40 KBKS/Seattle, adult hits WQSR/Baltimore, rhythmic KXJM and classic hits KLTH/Portland, Ore., and adult hits KQJK/Sacramento, Calif. In return, CBS Radio will acquire two stations in Houston, the country’s sixth-largest radio market, Latin pop KLOL (Mega 101.1) and hot AC KHMX (Mix 96.5).
 
The swap, subject to regulatory approval, 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.
 
“This deal represents a financially advantageous opportunity for us to shed some of our mid-size market stations while expanding in a top 10 market, which is our focus,” said CBS Corp. president and CEO Leslie Moonves.
 
“Both of the newly acquired Houston stations, KLOL and KHMX, are format leaders in the market,” added CBS Radio president and CEO Dan Manson. “We are thrilled to be adding them to our portfolio and believe they will nicely complement our four existing stations.”