CBS Radio today (Monday) announced it has signed a definitive agreement with Clear Channel Communications to swap five mid-size market radio stations from CBS for two CC Radio large market stations. CBS Radio said it was “moving forward in its strategy of divesting mid-size market stations to focus on large markets.”
The swap is designed to satisfy US Department of Justice conditions placed on its approval of Clear Channel Communications’ acquisition earlier this year by Thomas H. Lee Partners and Bain Capital Partners.
In the trade, Clear Channel will obtain CBS Radio’s KBKS-FM Seattle, WQSR-FM Baltimore, KXJM-FM and KLTH-FM Portland, OR, and KQJK-FM Sacramento. In return, CBS Radio will acquire two more stations in Houston, KLOL-FM and KHMX-FM.