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About
Clear
Channel Communications, Inc. and SFX
Entertainment, Inc. Merger
By
Josie Cory, TVI
TUES.
FEB. 29, 2000
(San Antonio and New York) --
Lowry
Mays, Chairman and CEO of Clear Channel
Communications, Inc. (NYSE: CCU) and
Robert F.X. Sillerman, Executive Chairman
of SFX Entertainment, Inc. (NYSE: SFX)
announced today that the companies have
entered into a definitive merger
agreement. SFX is the world's largest
diversified promoter, producer and venue
operator for live entertainment events. As
of the market close on February 28, 2000,
the transaction values SFX Entertainment
at approximately $4.4 billion. This
includes the assumption of approximately
$1.1 billion of SFX's debt net of
cash.
SFX provides
integrated promotion, production, venue
operation and event management services
for a broad variety of live entertainment
events. SFX currently owns or operates 120
live entertainment venues in 31 of the top
50 U.S. markets, including 16
amphitheaters in the top 10 markets. In
addition, SFX is a leading
fully-integrated sports marketing and
management company, representing more than
650 professional athletes and is the
largest producer and promoter of
specialized motor sports shows in the
U.S.
Including pending
acquisitions, Clear Channel will own and
operate radio stations and/or outdoor
advertising properties in virtually every
U.S. market where SFX owns and/or operates
live entertainment venues. Lowry Mays
said: "This transaction allows Clear
Channel, through SFX, to gain immediate
leadership in the highly attractive live
entertainment segment, while taking
advantage of the natural relationship
between radio and live music events. It
leverages the marketing and promotional
strength of Clear Channel's broadcasting
and outdoor advertising platforms and adds
a new component to the marketing
solutions, which Clear Channel can provide
to its customers to help them sell their
products.
Additionally, it
creates an exceptional platform for Clear
Channel to pursue initiatives relating to
the Internet and music." Robert F.X.
Sillerman said: "Having known the Mays
family for almost 20 years and having
watched the spectacular growth of the
company and performance of their stock, it
was a surprisingly easy decision to accept
their offer. In the ever-expanding world
of media and entertainment, the
combination of distribution and content is
becoming increasingly important. While
what we have created as the world's leader
in live entertainment and sports marketing
is gratifying, there is no question that
the combination with Clear Channel will
accelerate our growth and further
strengthen our already excellent
prospects. This is a classic win-win
situation for our shareholders and for
Clear Channel's shareholders."
///
Clear
Channel Closes Its Merger With SFX
Industry Veteran Brian Becker to Take Over
as Chairman and CEO of SFX
San
Antonio, Texas - August 1, 2000 -
Clear
Channel Communications, Inc. (NYSE: CCU)
announced today that the company has
closed its previously announced merger
with SFX (NYSE: SFX). Pursuant to the
terms of the Merger Agreement signed by
the Companies on February 29, 2000, each
SFX Class A shareholder will receive 0.6
shares of Clear Channel common stock for
each SFX share, and SFX Class B
shareholders will receive one share of
Clear Channel common stock for each SFX
share, on a fixed exchange basis. Brian
Becker, an industry veteran with 20 years
of experience and former Executive Vice
President of SFX, has been named Chairman
and CEO of SFX. In this capacity, Becker
will oversee all operations of
SFX.
"This merger
allows Clear Channel, through SFX, to gain
immediate leadership in the highly
attractive live entertainment segment,
while taking advantage of the natural
synergy between radio and live music
events," said Lowry Mays, Chairman and CEO
of Clear Channel Communication, Inc.
"Moreover, a seasoned executive such as
Brian Becker at the helm ensures that the
mutually-beneficial relationship between
the two companies will be fully realized
and expanded upon in the years to come."
"While I move on
to new challenges, I can say with
confidence that Brian Becker is an
exceptional leader who brings unmatched
experience in successfully guiding and
growing a company in the midst of, as well
as after, a merger," said Robert F.X.
Sillerman, Executive Chairman of SFX.
"Additionally, the fact that he is already
highly respected within SFX, as well as
among the executives at Clear Channel,
makes him the most qualified person to
take SFX into a new era."
"I am eager to
move SFX forward as part of the Clear
Channel family," said Becker. "Augmenting
SFX's extensive network and superior
talent with Clear Channel's unparalleled
global resources will offer previously
unimaginable opportunities in live
entertainment to sponsors, performers and
marketing partners."
About Clear
Channel Communications and SFX Clear
Channel Communications, Inc., is a global
leader in the out-of home advertising
industry with radio and television
stations and outdoor displays in 40
countries around the world. Including
announced transactions, Clear Channel
operates over 900 radio and 19 television
stations in the United States and has
equity interests in over 240 radio
stations internationally.
Clear Channel
also operates more than 700,000 outdoor
advertising displays, including
billboards, street furniture and transit
panels across the world. The Company is
headquartered in San Antonio,
Texas.
SFX is the
world's largest diversified promoter,
producer and presenter of live
entertainment events. SFX currently owns
and/or operates 120 live entertainment
venues in 31 of the top 50 US markets,
including 16 amphitheaters in the top 10
markets. In 1999, more than 60 million
people attended approximately 26,000
events promoted and/or produced by SFX,
including more than 7,800 music concerts,
13,300 theatrical shows, 1,400 family
entertainment shows and 520 specialized
sports shows.
SFX produces and
promotes live music events, as well as
develops and manages touring Broadway
shows in 55 markets. SFX is also a leading
fully integrated sports marketing and
management company specializing in the
representation of athletes and
broadcasters, integrated event management,
television programming/production and
marketing consulting services in sports,
news and other entertainment industries.
Additionally, SFX Sports produces and
promotes specialized motor sports
events.
For further
information: Investor Inquiries: Randy
Palmer, Vice President of Investor
Relations, Clear Channel/Gabrina Soliz
(210) 822-2828 web-site:
www.clearchannel.com.
Media Inquiries:
Sean Cassidy/Lenore Moritz (212) 685-4300
website: www.sfx.com
Certain
statements in this release constitute
"forward-looking statements" within the
meaning of the Private Securities
Litigation Reform Act of 1995. Such
forward-looking statements involve known
and unknown risks, uncertainties and other
factors which may cause the actual results
performance or achievements of the Company
to be materially different from any future
results, performance or achievements
expressed or implied by such
forward-looking statements.
///
June,
2000 - Gerry Cagle joined the SFX
when
it was known as Album Network -- eight
years ago, and most recently, was
Executive VP, Publishing for SFX
Multimedia. Mr. Cagle replaces Steve
Smith, who was recently promoted to a
corporate Executive Vice President role at
SFX.
Mr.
Cagle will oversee
all of SFX Multimedia's activities,
including: the publication of seven trade
magazines for radio broadcasters, music
retailers and record industry executives,
including the Album Network, Network 40
and the Urban Network; Live Tonight, a
consumer publication distributed at all
SFX venues; plus the popular broadcast
industry reference publication The Yellow
Pages of Rock; a research business that
gathers radio airplay and music retail
information for record labels, artist
managers, retailers and broadcasters;
production and distribution of network
radio special events and live concert
programming; and coordination of several
broadcast industry conferences, including
the Top 40 programmers' "Summer Games."
Mr.
Cagle has enjoyed a 30-year
career
in radio programming at some of the most
legendary Top 40 stations in the country,
including KHJ in Los Angeles, KFRC in San
Francisco and WAPP New York. The five-time
winner of the Major Market Programmer of
the Year Award took time off from the
broadcast industry in 1980 to serve as
Chief of Staff for the Governor Cliff
Finch of Mississippi. Mr. Cagle has also
authored three published fiction novels,
including Sheet Music last year.
"Gerry
Cagle has the experience and vision to
continue the growth and expansion of SFX
Multimedia, while remaining focused on
strengthening its solid reputation as a
resource for the entire music industry,"
said Brian Becker, Chairman and CEO of
SFX.
"I'm
thrilled to be part of the largest live
entertainment company in the world.
Continuing to grow the core business of
SFX Multimedia while creating synergistic
opportunities between SFX and Clear
Channel is a challenge I accept
enthusiastically. The future of our
combined companies is bright and I'm proud
to be a part of it," said Cagle.
About
SFX
SFX,
a subsidiary of Clear Channel
Communications (NYSE:CCU), is the world's
largest producer and marketer of live
entertainment events. SFX currently owns,
operates and/or exclusively books 130 live
entertainment venues, including 44
amphitheaters in the U.S. Each year, more
than 60 million people attend
approximately 26,000 events promoted
and/or produced by SFX, including: Live
music events; Broadway and touring
Broadway shows; family entertainment
shows; and specialized sports and motor
sports shows. SFX also provides strategic
sports marketing sales and consulting
services to professional and college
teams, leagues, venues and properties.
In
addition, SFX owns
a leading full-service talent
management company, specializing in the
representation of athletes and
broadcasters. SFX is headquartered in New
York City. More information is available
at http://www.sfx.com .
Clear
Channel Communications, Inc.,
headquartered in San Antonio, Texas, is a
global leader in the out-of home
advertising industry with radio and
television stations, outdoor displays and
entertainment venues in 40 countries
around the world. Including announced
transactions, Clear Channel operates over
1,120 radio and 18 television stations in
the United States and has equity interests
in over 240 radio stations
internationally. Clear Channel also
operates more than 750,000 outdoor
advertising displays, including
billboards, street furniture and transit
panels across the world.
3 - Place News Article Here ////
Respectfully
Submitted
Josie
Cory
Publisher/Editor
TVI Magazine
TVI
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Reuters, BBC, LA Times, NY Times, VRA's
D-Diaries, Press Releases, They Said It
Tracking Model, and SmartSearch were used
in compiling and ascertaining this Yes90
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