Blockbuster: CBS/CCBI swapfest


Seven stations in five markets will be going back and forth between radio giants CBS and Clear Channel. CBS gets two in Houston, while Clear Channel bulks up in Portland, Seattle, Sacramento and Baltimore. In all five markets, the stations will be moving from one cluster to another, leaving each deal participant with a minimum of four stations. The two companies have retained Bond & Pecaro to come up with station valuations.

* Houston: CBS will get KHMX-FM & KLOL-FM, joining a cluster which already includes KIKK-AM, KKHH-FM & KILT AM-FM. Clear Channel retains KTBZ-FM, KBME-AM, KKRW-FM, KODA-FM, KPRC-AM & KTRH-AM.

* Portland OR: Clear Channel gets KXJM-FM & KLTH-FM, joining a cluster which already includes KEX-AM, KPOJ-AM, KKCW-FM, KKRZ-FM & KQOL-FM. CBS retains KINK-FM, KUFO-FM, KUPL-FM & KCMD-AM.

* Baltimore MD: Clear Channel gets WQSR-FM, joining a cluster which already includes WCHH-FM, WPOC-FM & WCAO-AM. CBS retains WJZ AM-FM, WLZL-FM, WLIF-FM & WWMX-FM.

* Seattle WA: Clear Channel gets KBKS-FM, joining a cluster which already includes KHHO-AM, KJR AM-FM, KFNK-FM, KNBQ-FM & KUBE-FM. CBS retains KJAQ-FM, KMPS-FM, KZOK-FM & KPTK-AM.

* Sacramento CA: Clear Channel gets KQJK-FM, joining a cluster which already includes KGBY-FM, KHYL-FM, KSTE-AM & KFBK-AM. CBS retains KYMX-FM, KHTK-AM, KSFM-FM, KZZO-FM & KNCI-FM.

RBR/TVBR observation: This transaction is just dripping strategy like a stack of pancakes drips syrup. It’s a like kind exchange, keeping the tax man at bay; it is basically a cash-free swap, keeping a massive scavenger hunt for credit off the table; and neither company is even entering a new market or exiting an existing market. It’s tailor-made for current economic conditions. Look for more like it.