Clear Channel Communications Gets FCC Approval to Acquire AMFM

Clear Channel Communications Inc. won U.S. regulatory approval to buy AMFM Inc. for $23 billion, creating the nation’s largest radio broadcasting company after agreeing to sell 122 stations in 37 markets.

Federal Communications Commission approval is the final action required for the transaction announced in October. The companies won Justice Department approval last month after agreeing to sell 99 radio stations in 27 markets. The FCC required the sale of 23 additional stations to meet agency rules.

The markets where the companies must shed assets include Albany, N.Y.; Austin, Texas; Cleveland; and Phoenix.

The marriage of San Antonio-based Clear Channel with Dallas- based AMFM, formerly Chancellor Media Corp., will create a media behemoth that will dominate the U.S. radio and outdoor advertising industries with more than 850 stations. Its closest rival is Infinity Broadcasting Corp., majority-owned by Viacom Inc.

AMFM, controlled by buyout firm Hicks, Muse, Tate & Furst Inc., rose $1.81 to $78.31 in New York Stock Exchange trading, and Clear Channel rose $1.50 to $83.69 in NYSE.