Civijnew Music Re Ort OCTOBER 18 1999 ISSUE 639 VOL
CIVIJNew Music Re ort OCTOBER 18 1999 ISSUE 639 VOL. 60 NO. 5 WWW.CM 11/111ST HEAR Clear Channel, AlVIEVI To Merge Clear Channel Communications, Inc. and AMFM, Inc. have announced that they will merge. Clear Channel owns radio and television stations and billboards. The combined company is to be called Clear Channel Communications, and it will be the world's largest out-of-home media enti- ty ("out-of-home" primarily referring to radio stations and billboards.) The stock swap is valued at $56 billion. Because of certain regulatory limitations in the Telecommunications Act of 1996, Clear Channel and AMFM are expected to unload 125 stations. After this divestiture, the combined assets of Clear Channel and AMFM will give the new company apresence in 32 countries with 830 radio stations in 187 markets; stakes in more than 240 radio stations outside the U.S.; 425,000 bill- boards; and 19 television stations affiliated with Fox, UPN, ABC, NBC and CBS. Lowry Mays, Chairman and CEO of Clear Channel, will retain that position after the merger. ZAF' Thomas Hicks, AMFM Chairman and CEO, will assume the position of Vice (Continued on page 9) Schur Named New President Red Ant Of Geffen Records Entertainment Flip Records founder Jordan Schur has been appoint- ed President of Geffen Records. He has replaced former Undergoes More Geffen President Bill Bennett, who, following the merger of Universal and PolyGram, left the company, along with Downsizing Chairman/CEO Ed Rosenblatt and most of the label's Beverly Hills-based indepen- staff. Schur will retain ownership of Flip Records, which dent label Red Ant Entertainment boasts the acts Limp Bizkit, Dope and Staind.
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