Radio Giant Buys SFX Concert Company

Deal, valued at $4.4 billion, will unite 900 radio stations with 120 performance venues.

The trend in massive media and entertainment consolidation continued Tuesday (Feb. 29) with the announcement that radio behemoth Clear Channel Communications is buying concert giant SFX Entertainment in a deal valued at $4.4 billion. Clear Channel operates nearly 900 radio stations and 19 TV stations across the United States, while SFX owns or operates 120 venues throughout the country. In the first two months of the year, a number of important media mergers have been unveiled, most significantly Internet company America Online's plan to buy Time Warner. Warner Music (Madonna, Kid Rock) later announced its intention to consolidate with another major record group, EMI (Beastie Boys, Spice Girls). The Clear Channel and SFX deal is expected to be completed in late summer.