FOR IMMEDIATE RELEASE   							 	     

AT

MONDAY, AUGUST 10, 1998						       

(202) 616-2771

  TDD  (202) 514-2888

 

JUSTICE DEPARTMENT REQUIRES JACOR TO SELL EIGHT RADIO STATIONS

AS PART OF NATIONWIDE COMMUNICATIONS INC. ACQUISITION


 
Radio Stations in San Diego, Cleveland and Columbus, Ohio 


Must be Sold to Alleviate Antitrust Concerns 





	WASHINGTON, D.C. -- The Department of Justice reached a settlement today
with Jacor Communications Inc. allowing the company to go forward with its $620
million acquisition of Nationwide Communications Inc. as long as Jacor sells off eight
radio stations--two in San Diego, one in Cleveland, and five in Columbus, Ohio.  The
Department said that, without the divestitures, the acquisition would have significantly
reduced competition in those cities.  

	If the deal were approved as originally proposed, Jacor would have had control
of 12 stations in San Diego, accounting for 42 percent of the radio advertising revenue. 
In Cleveland, Jacor would have owned six radio stations with 43 percent of the radio
advertising revenue. In Columbus, with nine radio stations, Jacor would have had 58
percent of the radio advertising revenue.  The Department's Antitrust Division and the
Ohio Attorney General's Office conducted a joint investigation into Jacor's acquisition of
Nationwide. 

	"The divestitures will preserve the choices available to advertisers in the San
Diego, Cleveland, and Columbus markets," said Joel I. Klein, Assistant Attorney
General in charge of the Department's Antitrust Division. 

	Jacor is addressing the Department's competitive concerns by selling or
swapping radio stations with several different companies.  Jacor is using a fix-it-first
remedy, which means they will complete the sales before acquiring Nationwide.  

	The two San Diego stations, KKLQ-FM and KJQY-FM, will be sold to Dallas-based Heftel Broadcasting Corporation.  Jacor will swap WKNR-AM in Cleveland for
WTAE-AM in Pittsburgh, currently owned by Austin, Texas-based Capstar Broadcasting
Partners.  In Columbus, Jacor will sell WZAZ-FM to Cincinnati-based Blue Chip
Broadcasting.  Jacor has also agreed to sell their right to acquire WKKJ-FM of
Chillicothe, Ohio, to Cincinnati-based Secret Communications LLC. 

	Jacor will also swap three Columbus stations and two stations in Minneapolis-St.
Paul with New York-based CBS Radio Station Group.  In return, Jacor will receive two
Baltimore stations, two St. Louis stations, and two San Jose, California stations from
CBS.  Jacor's swap with CBS will give CBS WHOK-FM, WLVQ-FM, and WAZU-FM in
Columbus and WMJZ-FM and KSGS-AM in Minneapolis-St. Paul.  Jacor will receive
WOCT-FM and WCAO-AM in Baltimore, KSD-FM and KLOU-FM in St. Louis, and
KOME-FM and KUFX-FM in San Jose.

	According to industry estimates, the divestitures will reduce Jacor's revenue
share to approximately 39 percent in Cleveland, 36 percent in San Diego, and 38
percent in Columbus.

	Jacor, headquartered in Covington, Kentucky, currently owns and operates 197
radio stations in 55 markets in the U.S. In 1997, its revenues were approximately $600
million.

	Nationwide, headquartered in Columbus, Ohio, owns or operates 17 radio
stations located in 11 metropolitan areas across the U.S. Nationwide's 1997 radio
revenues were approximately $113 million. 

	

###


98-362