Nassau
Broadcasting Closes on Two Allentown Stations
PRINCETON,
N.J., Feb. 16, 2001 -- Nassau Broadcasting Partners, L.P.,
a leading radio group that focuses on mid-sized radio stations
in the affluent Northeastern U.S., today announced the
successful completion of its previously announced acquisition
of WODE (FM) and WEEX (AM) in Allentown, PA from Clear
Channel Communications, Inc. (NYSE: CCU). The acquisition
allows Nassau to move in the larger market of Allentown,
which ranks 65th in countrywide radio revenue according
to Arbitron Fall 2000. In addition, the acquisition is
a solid financial move for Nassau and is anticipated to
be accretive to both revenue and earnings.
Terms of the purchase include the transfer from Clear Channel
of the two Allentown stations plus approximately $12 million
in cash to Nassau while Clear Channel acquires WNNJ (AM),
WNNJ (FM), WSUS (FM) and WHCY (FM), all in Sussex, New Jersey.
