CLEAR CHANNEL, SFX DEAL DONE

Radio station and billboard operator Clear Channel Communications said it had completed its $4.6 billion acquisition of events promoter SFX Entertainment Tuesday (8/1), establishing it as a player in the live entertainment business.

"This merger allows Clear Channel, through SFX, to gain immediate leadership in the highly attractive live entertainment segment, while taking advantage of the natural synergy between radio and live music events," said Clear Channel Chairman and CEO Lowry Mays in a statement.

Clear Channel, which operates more than 900 radio stations and 19 television stations in the United States and more than 700,000 outdoor advertising displays worldwide, also said it had named Brian Becker as Chairman and CEO of the SFX unit. Becker had been Executive VP of SFX before the merger.

Terms of the deal, announced Feb. 29, calls for each SFX class A share to be traded for 0.6 of a Clear Channel common share and each SFX Class B share to be swapped for one Clear Channel share.