Chancellor adds 2 stations to lineup
Shells out $72 mil in purchase
The deal, expected to close in the second quarter, will add WWDC-FM and WWDC-AM to the four FM and two AM stations that Chancellor already owns in Washington, the country's eighth-largest radio revenue market. The additional properties will give Chancellor the full complement of radio stations (five FM and three AM) permitted in one market by the Telecom Act of 1996.
The acquisitions will bring the total of Chancellor's radio stations to 101. CBS, the biggest radio broadcaster, will have 175 stations when it completes its acquisition of American Radio Systems.
Scott K. Ginsburg, CEO and president of Irving, Texas-based Chancellor, said the acquisitions would establish the publicly-traded company as Washington's leading radio station group "in both audience and revenue share." He also called DC 101, with its mainstream rock format, and WWDC-AM, with adult standard programming, "excellent strategic fits" with Chancellor's other Washington holdings, which include news, talk, sports, country and oldie programming.
Chancellor stock rose 56¢ to $40.25 on Wednesday.
