According to http://news.radio-online.com

Peak Broadcasting has agreed to acquire CBS Radio's 7-station group in Fresno for $90 million in cash. Peak intends to begin programming the stations under a Time Brokerage Agreement (TBA) in December. This marks the first acquisition for the recently formed partnership of Peak Broadcasting and Duff, Ackerman & Goodrich, a San Francisco-based investment firm.

Included in the deal are Variety Hits KFJK-FM (105.9), News/Talk KFPT-AM (790), KMGV-FM (97.9), News/Talk KMJ-AM (580), Oldies KOQO-FM (101.9), Country KSKS-FM (93.7) and CHR KWYE-FM (101.1). All of the stations have full market coverage.

Peak Broadcasting CEO Todd Lawley commented, "We are very pleased to announce Peak's first acquisition. To acquire these significant radio stations in fast growing Central California is the first step towards building a new generation of radio operations. Through technology, focus, and creativity, Peak will take advantage of every platform that these fine brands offer."

Following the closing, Peak Broadcasting will re-locate its corporate offices and operations to Fresno. Kalil & Co. acted as the exclusive broker for this transaction. (11-16-06)

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Posted by djsource1 at 9:30 PM PST

Updated: Wednesday, 22 November 2006 8:45 PM PST

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According to http://news.radio-online.com  Clear Channel plans to sell 448 of its 1,150 radio stations in 90 markets, all located outside the top 100 media markets, as well as the company's 42-station television group. Collectively, these properties contributed less than 10 percent of the company's revenues last year. The TV outlets on the block are located in 24 small and mid-sized markets.

"Our decision to divest these broadcast properties was reached as a result of the ongoing optimization of our diverse portfolio of media assets," said CEO Mark Mays. "These are profitable and well-managed properties in excellent markets. We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders."

In an e-mail sent to the stations on the block, Clear Channel Radio President/CEO John Hogan wrote: "The decision to sell the stations in your market was not made quickly or easily nor is it a reflection on the efforts and performance of you and your team. It is a business decision that we believe will result in a better operating opportunity for your stations and is in keeping with the strategic direction of Clear Channel Radio."

The sale of these assets is not contingent on the closing of the company's merger agreement announced today. (11-16-06)

Read Blogs and get list of stations to be sold http://dealbook.blogs.nytimes.com/2006/11/16/clear-channel-accepts-185-billion-takeover-bid/

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Posted by djsource1 at 9:24 PM PST

Updated: Wednesday, 22 November 2006 8:46 PM PST

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According to http://news.radio-online.com Clear Channel has agreed to be acquired by private equity groups Thomas H. Lee Partners and Bain Capital Partners for $26.7 billion, including the assumption of $8 billion in debt. Under the deal, CCU shareholders will receive $37.60 in cash for each share, representing a 25 percent premium over its average closing share price of $29.99 during the last 30 trading days.

The Mays family will join the private equity group in acquiring an ownership interest in the company. Mark and Randall Mays will continue to serve as CEO and President/CFO, respectively. Lowry Mays will also continue to have an active role in the company.

Morgan Stanley, Citigroup and Deutsche Bank as well as Credit Suisse, RBS and Wachovia acted as financial advisors and providing firm financing commitments to the private equity group. Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse and RBS are also providing equity commitments.

The board of directors of Clear Channel, with the interested directors recused from the vote, unanimously approved the merger and will recommend that Clear Channel's shareholders adopt the agreement. A special advisory committee consisting of disinterested directors unanimously determined the terms of the transaction to be fair.

Clear Channel CEO Mark P. Mays said, "We are very pleased to announce this transaction which provides substantial value to our shareholders. We look forward to working with Thomas H. Lee Partners and Bain Capital Partners to continue our business plan to provide exceptional programming to our audiences and value to our advertising partners."

The merger is subject to the approval of Clear Channel's shareholders, but does not require the consent of unsecured noteholders and is not conditioned upon a merger, consolidation or going private transaction involving Clear Channel Outdoor Holdings Inc. (11-16-06)

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Posted by djsource1 at 9:15 PM PST

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According to http://allaccess.com REUTERS reports that web search leader GOOGLE is hiring scores of radio sales people and is spending heavily in a bid to expand its position in the $20 billion radio industry.

GOOGLE spokesman MICHAEL MAYZEL said that the company will begin a public test of GOOGLE AUDIO ADS by the end of the year. Advertisers will be able to go online and sign up for targeted radio ads using the same ADWORDS system they use to buy Web search ads.

"Google is hiring salespeople in most major markets, and they're hiring sales people to sell radio," said SOFTWARE MEDIA EXCHANGE COO BILL FIGENSHU. "They're paying about 50% more than a typical radio sales person might make."

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Posted by djsource1 at 9:20 PM PST

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According to http://allaccess.com At a bankruptcy hearing TUESDAY, AIR AMERICA RADIO lawyer TRACY KLESTADT told the court that the network is talking to several possible buyers and hopes to have a deal in place by THANKSGIVING.

KLESTADT said that there is a "significant amount of interest" in the network, which has been given until NOVEMBER 22 to find a buyer, although no potential buyers were identified. The court approved the network's temporary financing plan that requires a deal to be in place by NOVEMBER 22 to allow the financing to continue past then.

Meanwhile, a "no-buy" list of advertisers who have instructed ABC RADIO NETWORKS that their ads not run on AIR AMERICA RADIO is rapidly circulating in the liberal blogosphere. The list of about 100 advertisers is similar to much longer "no-buy" lists for other talk programming, including most top conservative talkers and "shock jocks." MEDIA MATTERS FOR AMERICA and THINKPROGRESS.ORG are among the liberal websites circulating the list.

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Posted by djsource1 at 12:02 PM PST

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According to http://allaccess.com Rumors become reality as CLEAR CHANNEL Top 40 PD/afternoon personality KANE -- who resigned yesterday (NET NEWS 10/31) -- heads to wakeups at sister Top 40 WIHT (HOT 99.5)/WASHINGTON, beginning NOVEMBER 13th. He's replacing the HOT MORNING MESS, featuring MARK KAYE, KRIS GAMBLE and Producer RON ROSS, who are out immediately.

KANE, who worked with CLEAR CHANNEL OM/WASHINGTON-BALTIMORE JEFF KAPUGI at WFLZ when KAPUGI was the PD, said, "I'm so excited to be reunited with JEFF KAPUGI. He and I are like SNOOP and DR. DRE! I am very grateful for this opportunity, and special thanks to DAVE PUGH, MARC CHASE, DOUG HAMAND and BRAD HARDIN. I look forward to joining the already amazing team at HOT 99.5!"

"HOT 99.5 is lucky to have the opportunity to get a high-profile personality like KANE," said KAPUGI. "This is the final piece of the air staff for HOT 99.5 that will take us to new heights."

Until KANE arrives, APD/MD/afternooner TOBY KNAPP will handle wakeups. Once KANE is in place, the line up will be VIBEGRRL from 10a-3p, TOBY KNAPP from 3-7p and THE HOT FREEK SHOW WITH GROOVES from 7p-midnight.

And, anyone interested in becoming KANE's sidekick, send your package now to hot995@gmail.com for the EEO post.

KAYE remarked on his and KRIS' departure: "We were informed after this morning's broadcast that our contract was not being renewed. We are still processing this surprising turn of events. SUMMER 2006 was our best ratings period ever. We are #1 with women 18-34 (HOT 99.5's key demo) and had a 9.0 share overall. While we are baffled by the decision of HOT 99.5's management, we respect that it was theirs to make. We look forward to bringing our #1-rated morning show to a new outlet soon. Any further questions or inquiries should be directed to THE ROBERT EATMAN AGENCY, (310) 459-3728."

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Posted by djsource1 at 11:56 AM PST

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A day after CNBC reported that CLEAR CHANNEL was considering a leveraged buyout to take the company private (NET NEWS 10/24), the company today confirmed that its board of directors is "evaluating various strategic alternatives to enhance shareholder value" and that the board has retained GOLDMAN, SACHS & CO. as its financial advisor.

The company further stated that there "could be no assurance that this process will result in any specific transaction. The company does not intend to comment further publicly with respect to the exploration of strategic alternatives unless a specific transaction is approved by its board."

Meanwhile, CLEAR CHANNEL COMMUNICATIONS and CLEAR CHANNEL OUTDOOR HOLDINGS today revised the timing of both companies? release of third-quarter 2006 financial results and will now release Q3 results before the market opens on MONDAY (10/30) at approximately 7a (ET); a teleconference is set for 9a (ET) that morning.

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Posted by djsource1 at 9:27 PM PDT

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According to http://www.radioonlinenews.com/ Air America filed for chapter 11 bankruptcy protection in New York on Friday (10/13/06) Parent Company Piquant LLC investors decided to pull the plug citing that loses increaced from 8.6 million in 2004 to 19.2 million in 2006. In the court filing new CEO Scott Elberg said that Air America will stay on the air during the Bankruptcy hearings and will us this time to reorginize, while informing and entertaining the audience. Read entire story at http://www.radioonlinenews.com/ And in a related story Liberal talk show host Ed Shultz assured listeners that his show is independantly owned and not in danger of bankruptcy. (Nor is the Stephanie Miller Show http://www.stephaniemiller.com/)

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Posted by djsource1 at 11:10 AM PDT

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CBS RADIO disposes of its KANSAS CITY and COLUMBUS, OH clusters, selling the stations to WILKS BROADCAST GROUP, LLC for $138 million. WILKS gets Country KFKF (COUNTRY 94.1), Country KBEQ (Q 104), Top 40 KMXV (MIX 93), and AC KCKC (STAR 102.1)/KANSAS CITY and Rock WLVQ (Q FM96), Classic Country WHOK (COUNTRY LEGENDS K95.5), and Rock WAZU/COLUMBUS in the deal.

"We are excited to add these assets to our portfolio and build upon the success we have achieved in our other markets," WILKS CEO JEFF WILKS said in a press release. "KANSAS CITY and COLUMBUS are tremendous markets with dominating stations and employees that have consistently outperformed their competitors in ratings and revenue."

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Posted by djsource1 at 12:25 PM PDT

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Read more http://mediamatters.org/items/200609090008

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Posted by djsource1 at 10:27 PM PDT

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