[0] Clear Channel Closes Its Merger With SFX.Business & Entertainment Editors NOTE TO MEDIA: Photo and Logo is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com SAN ANTONIO--(BUSINESS WIRE)--Aug. 1, 2000 Industry Veteran Brian Becker to Take Over as Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SFX SFX Special Effects SFX Self Extracting (data compression) SFX SpreadFireFox (IRC) SFX Sound Effect(s) SFX Side Effects (counter-strike gaming clan) Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. , Inc. (NYSE NYSE See: New York Stock Exchange : CCU CCU abbr. 1. coronary care unit 2. critical care unit CCU critical care unit. CCU Critical care unit, see there ) announced today that the company has closed its previously announced merger with SFX (NYSE: SFX). Pursuant to the terms of the Merger Agreement signed by the Companies on February 29, 2000, each SFX Class A shareholder will receive 0.6 shares of Clear Channel common stock for each SFX share, and SFX Class B shareholders will receive one share of Clear Channel common stock for each SFX share, on a fixed exchange basis. Brian Becker, an industry veteran with 20 years of experience and former Executive Vice President of SFX, has been named Chairman and CEO of SFX. In this capacity, Becker will oversee all operations of SFX. "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 Lowry Mays Lester Lowry Mays (b. 24 July 1935) is the founder and current chairman of Clear Channel Communications. Early Years Lester Lowry Mays was born on July 24, 1935 in Harris County, Texas to Lester T. Mays and Mary Virginia Lowry. , Chairman and CEO of Clear Channel Communication, Inc. "Moreover, a seasoned executive such as Brian Becker at the helm ensures that the mutually-beneficial relationship between the two companies will be fully realized and expanded upon in the years to come." "While I move on to new challenges, I can say with confidence that Brian Becker is an exceptional leader who brings unmatched experience in successfully guiding and growing a company in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of, as well as after, a merger," said Robert F.X. Sillerman Robert F X Sillerman (born New York in 1949) is a wealthy American businessman who made his fortune through building and selling companies in the media industry. He was once on the Forbes 400 list. Biography Sillerman grew up in the Riverdale section of the Bronx. , Executive Chairman of SFX. "Additionally, the fact that he is already highly respected within SFX, as well as among the executives at Clear Channel, makes him the most qualified person to take SFX into a new era." "I am eager to move SFX forward as part of the Clear Channel family," said Becker. "Augmenting SFX's extensive network and superior talent with Clear Channel's unparalleled global resources will offer previously unimaginable opportunities in live entertainment to sponsors, performers and marketing partners." About Clear Channel Communications and SFX Clear Channel Communications, Inc., is a global leader in the out-of home advertising industry with radio and television stations and outdoor displays in 40 countries around the world. Including announced transactions, Clear Channel operates over 900 radio and 19 television stations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and has equity interests in over 240 radio stations internationally. Clear Channel also operates more than 700,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world. The Company is headquartered in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . SFX is the world's largest diversified promoter, producer and presenter of live entertainment events. SFX currently owns and/or operates 120 live entertainment venues in 31 of the top 50 US markets, including 16 amphitheaters in the top 10 markets. In 1999, more than 60 million people attended approximately 26,000 events promoted and/or produced by SFX, including more than 7,800 music concerts, 13,300 theatrical shows, 1,400 family entertainment shows and 520 specialized sports shows. SFX produces and promotes live music events, as well as develops and manages touring Broadway shows in 55 markets. SFX is also a leading fully integrated sports marketing and management company specializing in the representation of athletes and broadcasters, integrated event management, television programming/production and marketing consulting services in sports, news and other entertainment industries. Additionally, SFX Sports produces and promotes specialized motor sports events. Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.080100/bb15 |
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