$3.4B deal forms No.3 radio owner

Article Abstract:

Clear Channel Communications will acquire Jacor Communications in a $3.4-billion stock deal that will make Clear Channel the No. 3 radio owner in the US after Chancellor and CBS with 454 radio stations in 117 markets that include Houston, TX, and Los Angeles, CA. Clear Channel, with an estimated combined revenue of $1.2 billion in 1998, will also become the leading billboard company. Jacor owns the Radio Premiere Radio Networks as well as syndicates shows, including Art Bell, Laura Schlessinger and Rush Limbaugh. Clear Channel was founded by former investment banker Lowry Mays in 1972.

Comment:

Will buy Jacor Communications in a $3.4-bil stock deal that will make it the No 3 radio owner with 454 stations in 117 markets

Asset sales & divestitures, Acquisitions & mergers, Radio Broadcasting, Radio broadcasting industry, Clear Channel Communications Inc., Jacor Communications Inc.

Time Warner's 2-for-1 split sends stock soaring

Article Abstract:

Time Warner has experienced an increase in its share price after it declared a 2-for-1 stock split, effective on Dec. 15, 1998, and received an investment grade debt rating from Standard and Poor's. The stock reached $106, the marking the first time that it closed at more than $100. The biggest beneficiary of the increase is Ted Turner, who owns around 10% of the company's shares. Investors look favorably at the company's TV hits, such as ER and Friends; the growth in its cable systems; a renewal of music sales; and the increase in advertising and circulation of its magazines.

Comment:

Experiences increase in share price after it declared 2-for-1 stock split, effective on Dec. 15, 1998

Diversified Companies, Securities prices

CNNfn leads Time Warner's charge to Internet

Article Abstract:

Time Warner, encouraged by the success of its Internet venture called CNNfn, is hoping to create five different sites that can be tied-up with services, such as e-mail and a search engine. The five sites, which will be named in a month or so, will provide features taken from Time Warner magazines, cable channels and entertainment such as sports and news. According to Sanford C. Berstein's Tom Wolzien, if the strategy will succeed, Time Warner could increase its cash flow in five years by as much as 20%.

On-Line Information Services, Videotex & Teletext, Services information, Internet services