Infinity Actively Seeking Acquisitions

Infinity Broadcasting Corp., home of the Howard Stern and Don Imus radio shows, said it is aggressively seeking acquisitions, possibly including Chancellor Media Corp., soon to be the No. 1 U.S. owner of radio stations. Both Infinity and Chancellor own numerous radio stations within the top 50 markets, meaning the government would be likely to require the sale of certain stations if the two companies combine. Chancellor will own the largest number of radio stations in the U.S. after its pending $4.1-billion purchase of Capstar Broadcasting Corp. is completed later this year. Infinity shares fell 56 cents to close at $27.44, and shares of CBS, which owns about 83% of Infinity, fell 69 cents to close at $35.69, both on the New York Stock Exchange. Chancellor rose 56 cents to close at $57.44 on Nasdaq.