Jacor

Last updated
Jacor Communications
Company type Subsidiary
Industry Radio network
Founded1987;37 years ago (1987)
Defunct1999 (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]

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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.
  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.
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