Lamar Advertising Company Announces Issuance of DOJ Consent Decree Regarding Clear Channel and AMFM Divestiture of Lamar Class A Common Stock.Business Editors BATON ROUGE, La.--(BUSINESS WIRE)--Aug. 30, 2000 Lamar Advertising Company The Lamar Advertising Company, based in Baton Rouge, Louisiana, is a provider of billboards, transit advertising, and highway logo signs. Founded in 1902, it has been the largest outdoor advertising company in the United States since 1999. (Nasdaq:LAMR LAMR Lake Meredith National Recreation Area (US National Park Service) LAMR Large-Aperture Microwave Radiometer LAMR Load and Make Ready (pistol shooting) ), a leading owner and operator of outdoor advertising and logo sign displays, today announced that pursuant to a consent decree A settlement of a lawsuit or criminal case in which a person or company agrees to take specific actions without admitting fault or guilt for the situation that led to the lawsuit. A consent decree is a settlement that is contained in a court order. filed by the Department of Justice, 26,227,273 shares of Lamar Advertising Company Class A common stock currently held by AMFM AMFM Association of Marriage and Family Ministries AMFM Automated Mapping Facilities Management AMFM Association des Modélistes Ferroviaires de Montréal (French: Montreal Railroad Modelers Association) Operating Inc., an indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of AMFM Inc., will be subject to required divestiture before January 1, 2003 as a condition to DOJ's approval of the merger of AMFM Inc. and 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. Lamar has amended the shareholder agreement and registration rights agreement previously entered into with AMFM in connection with Lamar's purchase of AMFM's outdoor advertising business on September 15, 1999, which were effective upon the consummation of the merger of AMFM and Clear Channel, in accordance with the consent decree. Under the amended agreements, Lamar is required to register for sale the 26,227,273 shares of Class A common stock formerly held by AMFM. Further, AMFM and Clear Channel are divested of the right to board representation and approval rights over certain major transactions by Lamar. In addition, they have agreed to vote their shares in the same proportion as the vote of all holders of Lamar voting stock. The consent decree prohibits AMFM and Clear Channel from exercising any governance rights over Lamar. The consent decree also prohibits AMFM and Clear Channel from acquiring any additional shares of Lamar except in connection with an acquisition of a majority voting interest in the company, which would be subject to the requirements of the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. . The consent degree requires that AMFM's board representatives, Thomas O. Hicks and R. Steven Hicks, resign from Lamar's board of directors and all committees of the board. Lamar Advertising Company is a leading outdoor advertising company currently operating 149 outdoor advertising companies in 42 states, logo franchises in 20 states and the province of Ontario, Canada and 31 transit advertising franchises in nine states. |
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