Clear Channel Communications has cleared one more hurdle in its quest to acquire The Ackerley Group. In a special meeting held yesterday, Ackerley shareholders approved a plan to merge with the country's largest radio group.
In the deal, Ackerley stockholders will receive 0.35 of a share of Clear Channel stock for each share of Ackerley they own. Pending approval by the Federal Communications Commission, both companies expect the proposal will be a "done deal" sometime before the end of March.
Locally, Clear Channel may be forced to sell one or more of its radio stations if it decides to hang on to Ackerley television station WIXT (channel 9).
Archive article reposted with help from volunteer Ashley Caster