Akin Gump Assists Clear Channel in $23.5 Billion Merger
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(Washington, D.C.) - On October 4, 1999, Clear Channel Communications, Inc. announced its intent to merge with AMFM, Inc. in a deal that valued AMFM at $23.5 billion. The resultant merger will create the world’s largest out-of-home media entity. The combined value of Clear Channel and AMFM is approximately $56 billion.
After anticipated divestitures required to gain regulatory approval, the combined company will have operations in 32 countries, including approximately 830 radio stations and more than 425,000 outdoor displays as well as 19 television stations and significant equity interests in other leading radio broadcasting and outdoor advertising entities.
Akin Gump advised Clear Channel in the transaction.
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