Clear Channel Worldwide and The Ackerley Group Close Merger.Business/Entertainment Editors SAN ANTONIO--(BUSINESS WIRE)--June 14, 2002 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 (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 Clear Channel Worldwide ("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. ")(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 ), and Barry Ackerley, chairman and chief executive officer of The Ackerley Group (NYSE:AK), jointly announced the completion of the merger of the two companies. The Ackerley Group is a diversified media company with outdoor, television, radio and interactive media assets. Clear Channel Worldwide is a global leader in the out-of-home advertising industry with radio and television stations, outdoor displays and entertainment venues in 65 countries around the world. Pursuant to the terms of the agreement, The Ackerley Group's shareholders will receive 0.35 shares of Clear Channel Communications Inc. common stock for each share of The Ackerley Group they own in a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. . Lowry Mays, chairman and CEO of Clear Channel Worldwide, said: "We are delighted to have the Ackerley team join the Clear Channel family. With the BEST media collection, Clear Channel will continue to serve our communities, our consumers and our customers." "Today's closing completes the final chapter in the history of The Ackerley Group," said Barry Ackerley, chairman and CEO of The Ackerley Group. "After 27 years of business success and making a positive impact in the communities in which we work and live, I want to thank everyone who helped build The Ackerley Group into one of the nation's most innovative media and entertainment companies. There are great synergies among our operations, and I am confident that our media properties and employees will continue to achieve great success under the new ownership." About Clear Channel Worldwide Clear Channel Worldwide, 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. , is a global leader in the out-of-home advertising industry with radio and television stations, outdoor displays and entertainment venues in 65 countries around the world. About The Ackerley Group The Ackerley Group is an innovative media and entertainment company and holding outdoor, broadcasting and interactive media assets. The Ackerley Group owns or operates under management agreements 18 television stations. For more information, visit The Ackerley Group Web site at www.ackerley.com. 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. Visit our Web site at www.clearchannel.com. |
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