Richland has teamed up with Clear Channel, acquiring seven of their towers in five different markets. Markets included in this acquisition include Cleveland, Columbia, SC, Cedar Rapids, IA, West Palm Beach, FL and Prospect, CT.
Said Matthew Bray, EVP of Richland Towers: “Richland is excited about our continued growth into new markets and strengthening our position in the markets we are already in. The addition of the Clear Channel facilities allows us to reach new customers and serve new broadcast communities. Working with Clear Channel on this acquisition has been a positive experience and we look forward to continuing our long standing relationship for many years to come.”
Richland Towers is the nation’s largest privately owned Tall Tower Company with facilities located in major markets throughout the US.
RBR-TVBR observation: This frees up a good chunk of cash for Clear Channel to help pay down debt and invest in new talent. It will also lessen the load for CCME in those regions, as it will now be Richland’s responsibility for upkeep and repairs to those towers. CC will no longer have to hire tower crews or task regional and local engineers for that function in those markets.