 | |
| Company type | Public |
|---|---|
| Broadcasting | |
| Industry | Media |
| Founded | 1975 |
| Founder | Barry Ackerley |
| Defunct | June 14, 2002 |
| Fate | Merged with Clear Channel Communications |
| Successor | Clear Channel Communications |
| Headquarters | Seattle, Washington |
| Products | Television |
The Ackerley Group was an American media company founded by businessman Barry Ackerley that owned and operated several radio stations in Seattle, Washington, as well as television stations across the United States (primarily in New York and California, as well as one in Fairbanks, Alaska). The company also owned the NBA Seattle SuperSonics and WNBA Seattle Storm professional basketball teams. The Ackerley Group was sold to Clear Channel Communications [1] (now iHeartMedia) in 2002.
Ackerley announced its sale to Clear Channel Communications on October 8, 2001; [2] the merger was completed on June 14, 2002. [3] At the time of the closure of the transaction, the sale price was reported to be 38 times cashflow (approximately $1.1B USD), the highest ever sale valuation for a North American publicly traded media company in the history of the NYSE. The record setting high price tag was attributed to the overwhelming market monopoly position of the Ackerley Group's Out of Home Media (billboards) marketplace in the Washington, Oregon, Massachusetts and South Florida media markets- all areas where Clear Channel was devoid of inventory. Barry Ackerley and his immediate family owned approximately 82% of the company stock at the time of the sale.