Clear Channel reconsiders. (Clear Channel Communications Inc. reduces the amount of assets being acquired from Paxson Communications Inc.)(Brief Article)

Broadcasting & Cable, September, 1997 by Rathbun, Elizabeth A.

A $693 million deal between Clear Channel Communications Inc. and Paxson Communications Inc. has been reduced to $600 million. The companies said last week that while Clear Channel will acquire Paxson's 46 radio stations, six radio networks and 348 billboards, it won't buy 178 additional billboards or Paxson's two minor-league sports teams (B&C, June 30).

Clear Channel scaled back its billboard buy because it faced antitrust problems in Tampa, Fla., Lowell W. "Bud" Paxson told Bloomberg Business News. Clear Channel also is assuming Paxson's $33 million purchase in June of two AMs and two FMs in Palm Beach, Fla.