Jacor

Last updated
Jacor Communications
Company type Subsidiary
Industry Radio network
Founded1987;37 years ago (1987)
Defunct1999;25 years ago (1999)
FateAcquired by Clear Channel Communications & reorganized into iHeartMedia
Successor iHeartMedia
Headquarters Cincinnati, Ohio, US
Key people
Terry Jacobs, Frank Wood, Randy Michaels
Parent Zell Chilmark (1992-1996)
Citicasters (1996-1999)

Jacor Communications was a media corporation, existing between 1987 and 1999, which owned many radio stations in the United States. In 1998, Jacor was purchased by Clear Channel Communications, now iHeartMedia, for $2.8 billion. [1]

Contents

Jacor Communications began with three religious stations and went on to acquire dozens of radio stations between 1992 and its sale to Clear Channel in 1999. It also owned a few television stations, including WKRC-TV in Cincinnati.

History

Jacor Communications was founded by Terry Jacobs. [2] Jacobs incorporated Jacor Communications in 1979 and purchased three religious stations in 1981. [3] [4] In June 1989, Jacor purchased Telesat Cable, a Northern Kentucky cable provider, for $5 million, [5] which it later sold in May 1994. [4] In 1993, an investor named Sam Zell paid $80 million from the Zell Chilmark fund to purchase controlling interest in Jacor. [6]

In 1992, the Federal Communications Commission increased the number of radio stations a single company could own in one city to 3AMs and 3FMs. [7] After this change, Jacor began purchasing stations, including WKRC (AM) in Cincinnati in 1993. [8]

On February 6, 1996, Jacor announced plans to acquire Noble Broadcast Group Inc for $152 million. [9] After the passing of the Telecommunications Act of 1996, Jacor began buying more radio stations. [10]

On February 13, 1996, Jacor announced it would buy Citicasters for $770 million. [11] As part of the merger, Jacor acquired WKRC-TV, a Cincinnati CBS-affiliate television station, and WTSP, a television station in Tampa, Florida. [12] [13] In September, Jacor announced WTSP would be sold to Gannett Co. in exchange for three radio stations. [14]

In May 1993, founder and CEO Terry Jacobs left Jacor. [15] The VP of programming and COO, Randy Michaels, was named president of the company that year, and in 1996, he was promoted to CEO. [16] Jacor's corporate headquarters were in downtown Cincinnati from the mid-1980s through 1996 when they moved across the Ohio River to Covington, Kentucky.[ citation needed ] In 1997, Jacor acquired the assets of Nationwide Communications. [17]

In 1999, Jacor was sold to Clear Channel Communications for $3.4 billion in stock. [18] [19] Clear Channel also assumed approximately $1.2 billion of Jacor's debt. [18] [19] At the time of its acquisition, Jacor was the third-largest provider of syndicated radio programming, [20] [21] owning 230 radio stations and Premiere Radio networks (a radio syndication company), as well as disseminating The Rush Limbaugh Show and the Dr. Laura Schlessinger show. [20]

Clear Channel named Randy Michaels CEO and chairman of Clear Channel Radio in 2000. [22] In 2008, private equity firms Thomas H. Lee and Bain Capital Partners completed a buyout of Clear Channel Communications. [23]

Related Research Articles

iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas. It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by Lowry Mays and Red McCombs in 1972, and later taken private by Bain Capital and Thomas H. Lee Partners in a leveraged buyout in 2008.

WTVN – branded as "News Radio 610 WTVN" – is a commercial news/talk radio station licensed to Columbus, Ohio. Owned by iHeartMedia, the station serves the Columbus metro area. The WTVN studios area located in the McKinley Avenue Corridor northwest of Downtown Columbus, and its transmitter site is near Obetz. In addition to a standard analog transmission, the station simulcasts over the HD digital subchannel of co-owned 93.3 WODC, and streams online via iHeartRadio. WTVN began broadcasting in HD Radio in June 2005, but the in-band on-channel subcarrier was discontinued by 2015.

<span class="mw-page-title-main">WCPZ</span> Radio station in Sandusky, Ohio

WCPZ – branded Mix 102.7 – is a commercial hot adult contemporary radio station licensed to Sandusky, Ohio, serving Ohio's Vacationland region.

<span class="mw-page-title-main">Sam Zell</span> American businessman (1941–2023)

Samuel Zell was an American billionaire businessman and philanthropist primarily engaged in real estate investment. Companies founded by or controlled by Zell include Equity Residential, Equity International, EQ Office, Covanta, Tribune Media, and Anixter.

<span class="mw-page-title-main">WKRC-TV</span> CBS/CW affiliate in Cincinnati

WKRC-TV is a television station in Cincinnati, Ohio, United States, affiliated with CBS and The CW. It is owned by Sinclair Broadcast Group, which provides certain services to MyNetworkTV affiliate WSTR-TV under a local marketing agreement (LMA) with Deerfield Media. The two stations share studios on Highland Avenue in the Mount Auburn section of Cincinnati, where WKRC-TV's transmitter is also located.

<span class="mw-page-title-main">KIIS-FM</span> Contemporary hit radio station in Los Angeles

KIIS-FM is a commercial radio station licensed to Los Angeles, California, United States, and broadcasts to the Greater Los Angeles area. The station airs a Top 40 (CHR) format. Owned by iHeartMedia, KIIS-FM is the origin of the conglomerate's KISS-FM brand, and serves as the flagship station for the radio program On Air with Ryan Seacrest. KIIS-FM's studios are located in Burbank, while the station transmitter resides on Mount Wilson, north of Los Angeles.

<span class="mw-page-title-main">New World Pictures</span> American film production and distribution company

New World Pictures was an American independent production, distribution, and multimedia company. It was founded in 1970 by Roger Corman and Gene Corman as New World Pictures, Ltd., a producer and distributor of motion pictures, eventually expanding into television production in 1984. New World eventually expanded into broadcasting with the acquisition of seven television stations in 1993, with the broadcasting unit expanding through additional purchases made during 1994.

<span class="mw-page-title-main">Taft Broadcasting</span> American media conglomerate (1939–1999)

Taft Broadcasting Company was an American media conglomerate based in Cincinnati, Ohio.

<span class="mw-page-title-main">KFBW</span> Radio station in Vancouver, Washington

KFBW is a commercial radio station licensed to Vancouver, Washington, and broadcasting to the Portland metropolitan area. Owned by iHeartMedia, Inc., the station airs a mainstream rock radio format with emphasis on the late 1970s, 1980s, 1990s and early 2000s, branded as "105.9 The Brew". The transmitter is located in Portland's west hills and the studios are in Tigard, Oregon.

<span class="mw-page-title-main">WKRC (AM)</span> Talk radio station in Cincinnati

WKRC is a commercial AM radio station licensed to Cincinnati, Ohio. The station airs a talk radio format, under the branding "55KRC". The station's offices and studios are on Montgomery Road off Interstate 71 in Cincinnati.

<span class="mw-page-title-main">WLEC</span> Radio station in Sandusky, Ohio

WLEC – branded as 1450 AM WLEC – is a commercial oldies/full service radio station licensed to Sandusky, Ohio. Owned by Fremont-based BAS Broadcasting, the station serves the Sandusky/Port Clinton/Lake Erie Islands market, including Erie, Ottawa, and Huron counties.

<span class="mw-page-title-main">WKRQ</span> Contemporary hit radio station in Cincinnati

WKRQ is a radio station located in the Cincinnati, Ohio, area. The station is licensed to Cincinnati and broadcasts from the WKRQ Tower. It airs an adult-leaning Top 40 (CHR) format and is owned by Hubbard Broadcasting. The station's studios have been located on Kennedy Avenue in the Oakley neighborhood of Cincinnati with co-owned WREW, WUBE-FM and WYGY since August 2021.

KHOW is a commercial radio station licensed to Denver, Colorado, and serving the Denver metropolitan area. The station is owned by iHeartMedia, Inc. KHOW is one of three iHeart-owned stations in Denver with a news/talk radio format. Co-owned KOA has mostly local shows, KDFD carries nationally syndicated programs, while KHOW airs a mix of local and syndicated hosts. Studios and offices are on South Monaco Street in Denver.

KWDZ was a broadcast radio station licensed to Salt Lake City, Utah, serving the Salt Lake City metropolitan area. The station was owned and operated by iHeartMedia. The KWDZ broadcast license was held by Citicasters Licenses, Inc.

WWMI is a radio station licensed to St. Petersburg, Florida, and serving the Tampa Bay radio market. It is owned by Relevant Radio, a non-profit Catholic broadcasting organization based in Wisconsin. WWMI carries its Relevant Radio network programming.

WOFX-FM is a commercial radio station in Cincinnati, Ohio. It broadcasts a classic rock radio format and is owned by Cumulus Media. It is the Cincinnati affiliate for the Bob and Tom morning radio show. The studios are on Montgomery Road in Norwood, Ohio, using a Cincinnati address.

<span class="mw-page-title-main">WKQQ</span> Radio station in Winchester–Lexington, Kentucky

WKQQ is a radio station licensed to the city of Winchester, Kentucky, serving Lexington and the greater Central Kentucky area. The station is owned by iHeartMedia and airs a classic rock format.

<span class="mw-page-title-main">WGST (AM)</span> News/talk radio station in Hogansville, Georgia, United States

WGST is a commercial AM radio station licensed to Hogansville, Georgia, and serving West Central Georgia, including LaGrange and Newnan. It airs a talk radio format and is owned by iHeartMedia, Inc. Most programming on WGST is syndicated. It carries Premiere Networks shows from Sean Hannity, Glenn Beck and "Clay Travis & Buck Sexton." From the Salem Radio Network it carries Hugh Hewitt and Larry Elder. On weekends, sports programming from the Fox Sports Radio Network is heard. On weekdays, most hours begin with Fox News Radio.

<span class="mw-page-title-main">WWTF</span> Radio station in Georgetown, Kentucky

WWTF is a commercial radio station broadcasting an active rock and alternative rock radio format. Licensed to Georgetown, Kentucky, United States, WWTF serves the Lexington Metro Area. The station is currently owned by iHeartMedia, Inc. WWTF programming is simulcast on FM translator W249DJ at 97.7 MHz. Since most listening to rock music is on FM, the station uses its FM dial position to identify itself, as "97.7 Lexington's Rock Alternative."

WGRI is a commercial radio station broadcasting an urban gospel radio format. It is licensed to Cincinnati, Ohio, and is owned by the Christian Broadcasting System, Ltd.. The studios and offices are on West 7th Street in Cincinnati.

References

  1. ↑ Myerson, Allen (9 October 1998). "THE MEDIA BUSINESS; Clear Channel to Buy Jacor For $2.8 Billion in Stock". New York Times.
  2. ↑ Richman, Tom (1986-07-01). "Rising Values". Inc.com. Retrieved 2019-07-18.
  3. ↑ "Radio's big bully | Salon.com". 2019-06-06. Archived from the original on 2019-06-06. Retrieved 2019-07-18.
  4. 1 2 "Commission File No. 0-12404 Jacor Communications" . Retrieved 18 July 2019.
  5. ↑ "28 Apr 1991, Page 91 - The Cincinnati Enquirer at Newspapers.com". Newspapers.com. Retrieved 2019-07-18.
  6. ↑ Curtis, Richard (20 October 1997). "Sam Zell may be shopping Jacor". www.bizjournals.com. American City Business Journals. Archived from the original on 2000-10-18. Retrieved 2019-07-18. That would make Zell's stake in the company worth more than $800 million, a huge gain on the $80 million his Zell/Chilmark Fund put into Jacor in early 1993 to take over the then-struggling broadcaster.
  7. ↑ Andrews, Edmund L. (1992-03-13). "THE MEDIA BUSINESS; F.C.C. Loosens Restrictions On Owning Radio Stations". The New York Times. ISSN   0362-4331 . Retrieved 2019-07-22.
  8. ↑ Cincinnati Magazine. 1994. p. 26.
  9. ↑ "Company News;jacor Communications to Buy Noble Broadcast Group". The New York Times. Reuters. 1996-02-06. ISSN   0362-4331 . Retrieved 2019-07-22.
  10. ↑ Brotman, Stuart (2006). Communications Law and Practice. p. 38. ISBN   9781588520708.
  11. ↑ "Citicasters to Be Purchased by Radio Firm Jacor". Los Angeles Times. 1996-02-14. Retrieved 2019-07-30.
  12. ↑ "Jacor Communications Inc" . Retrieved 30 July 2019.
  13. ↑ Nielsen Business Media, Inc. (5 October 1996). Billboard. Nielsen Business Media, Inc. p. 101.{{cite book}}: |author= has generic name (help)
  14. ↑ "Gannett Announces Agreement with Jacor Communications". TEGNA. 1996-09-26. Retrieved 2019-07-30.
  15. ↑ Curtis, Richard (9 August 1999). "Merger would redraw market". www.bizjournals.com. Retrieved 2019-07-30.
  16. ↑ Carr, David; Arango, Tim (19 October 2010). "Tribune Board Said Ready to Oust Chief Executive". Herald-Tribune. Archived from the original on 20 September 2020. Retrieved 30 July 2019.
  17. ↑ Peers, Martin (1997-10-28). "Jacor's Nationwide". Variety. Retrieved 2019-06-28.
  18. 1 2 Journal, Alejandro Bodipo-MembaStaff Reporter of The Wall Street (1998-10-09). "Clear Channel Wins Bidding Contest, Agrees to Buy Jacor Communications". Wall Street Journal. ISSN   0099-9660 . Retrieved 2019-08-01.
  19. 1 2 Nolan, John. "Clear Channel Buys Jacor". AP NEWS. Retrieved 2019-08-01.
  20. 1 2 Morgan, Richard (1998-10-09). "Clear Channel buys Jacor". Variety. Retrieved 2019-08-01.
  21. ↑ News, Bloomberg (1999-08-04). "Clear Channel Buying 5 FM Radio Stations". The New York Times. ISSN   0362-4331 . Retrieved 2019-08-01.{{cite news}}: |last= has generic name (help)
  22. ↑ "Clear Channel Taps Top Management". Radio World. 2000-05-22. Retrieved 2019-08-01.
  23. ↑ "Bain, Thomas H. Lee complete Clear Channel buyout". Reuters. 2008-07-30. Retrieved 2019-08-01.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.