SFX, EZ, Evergreen Set Swap Of Radio Stations Plus Cash
May 18, 2011
NEW YORK -- SFX Broadcasting Inc., EZ Communications Inc. and Evergreen Media Corp. entered into a complicated three-way exchange of radio stations plus additional cash consideration to give each company a greater cluster of outlets in individual markets. EZ, based in Fairfax, Va., is trading WIOQ-FM and WUSL-FM in Philadelphia plus giving $10 million to Evergreen for all six of Evergreen's Charlotte, N.C., stations: WRFX-FM, WNKS-FM, WPEG-FM, WBAV-AM and FM and WFNZ-AM. Evergreen is based in Irving, Texas. Then EZ will trade WRFX-FM, WNKS-FM and WSSS-FM, also in Charlotte, to SFX Broadcasting for SFX's Charlyn station, WTDR-FM, plus $64.8 million in cash. EZ also owns WSOC-FM in Charlotte. After the transaction and swap, EZ will own five stations in Charlotte, the 37th-largest radio market in the country. EZ said the deal leaves it with a strong franchise of country and urban formats in Charlotte in addition to net proceeds of about $55 million. At the same time, SFX will own a cluster of four FM stations in Charlotte, which the company said represents a 33% market share of that market's radio advertising revenues.
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