THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, March 7, 1996 TAG: 9603070563
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY DAVE MAYFIELD, STAFF WRITER
LENGTH: Short : 42 lines
Three Hampton Roads radio stations, including ratings-leader WOWI-FM, are among 18 stations that will change hands in a sale announced Wednesday.
San Antonio-based Clear Channel Communications Inc., one of the nation's largest broadcast groups, said it agreed to buy the local stations and 15 others for $140 million from US Radio Inc. of Philadelphia.
Besides WOWI, which plays an urban-music format and is better known by its nickname 103-JAMZ, the other Hampton Roads stations included in the sale are: WJCD-FM (CD 105.3), the No. 4 rated station in the market, which plays contemporary jazz, and WSVY-FM, the No. 12 station locally.
In addition, Clear Channel acquired an option to purchase low-rated AM station WSVY-AM, which US Radio now operates under an agreement with the station's current owner.
Neither US Radio nor Clear Channel said Wednesday whether any of the stations will change formats. But analysts have said they wouldn't expect many changes.
Most of US Radio's stations are ratings leaders in their format categories. Besides Hampton Roads, the US Radio stations are located in Milwaukee; Houston; Memphis, Tenn; Reading, Pa.; Little Rock, Ark.; Raleigh; and El Paso, Texas.
US Radio claims to be the largest minority-controlled broadcasting company in the United States.
Ragan A. Henry, a Harvard-educated lawyer who founded the company, sold an 80 percent stake in the business in 1994 for $26 million to New York-based Blackstone Capital Partners. But Henry retained voting control of the company.
Clear Channel said in a release that after the latest transaction, US Radio will operate as a separate unit within the company and that Henry will remain as chairman. by CNB