Jacor
{{short description|American radio broadcaster}}
{{Infobox company
| name = Jacor Communications
| type = Subsidiary
| fate = Acquired by Clear Channel Communications & reorganized into iHeartMedia
| successor = iHeartMedia
| foundation = {{start date and age|1987}}
| defunct = {{end date and age|1999}}
| location = Cincinnati, Ohio, US
| key_people = Terry Jacobs, Frank Wood, Randy Michaels
| parent = Zell Chilmark (1992-1996)
Citicasters (1996-1999)
| industry = Radio network
}}
Jacor Communications was a media corporation, existing between 1987 and 1999, which owned many radio stations in the United States. In 1998, Jacor was purchased by Clear Channel Communications, now iHeartMedia, for $2.8 billion.{{Cite web|url=https://www.nytimes.com/1998/10/09/business/the-media-business-clear-channel-to-buy-jacor-for-2.8-billion-in-stock.html|title=THE MEDIA BUSINESS; Clear Channel to Buy Jacor For $2.8 Billion in Stock|last=Myerson|first=Allen|date=9 October 1998|website=New York Times}}
Jacor Communications began with three religious stations and went on to acquire dozens of radio stations between 1992 and its sale to Clear Channel in 1999. It also owned a few television stations, including WKRC-TV in Cincinnati.
History
Jacor Communications was founded by Terry Jacobs.{{Cite web|url=https://www.inc.com/magazine/19860701/5113.html|title=Rising Values|last=Richman|first=Tom|date=1986-07-01|website=Inc.com|access-date=2019-07-18}} Jacobs incorporated Jacor Communications in 1979 and purchased three religious stations in 1981.{{Cite web|url=https://www.salon.com/2001/04/30/clear_channel/|title=Radio's big bully {{!}} Salon.com|date=2019-06-06|archive-url=https://web.archive.org/web/20190606154854/https://www.salon.com/2001/04/30/clear_channel/|access-date=2019-07-18|archive-date=2019-06-06}}{{Cite web|url=https://www.sec.gov/Archives/edgar/data/702808/0000702808-96-000006.txt|title=Commission File No. 0-12404 Jacor Communications|access-date=18 July 2019}} In June 1989, Jacor purchased Telesat Cable, a Northern Kentucky cable provider, for $5 million,{{Cite web|url=http://www.newspapers.com/image/102129255/|title=28 Apr 1991, Page 91 - The Cincinnati Enquirer at Newspapers.com|website=Newspapers.com|language=en|access-date=2019-07-18}} which it later sold in May 1994. In 1993, an investor named Sam Zell paid $80 million from the Zell Chilmark fund to purchase controlling interest in Jacor.{{Cite web|url=https://www.bizjournals.com/dayton/stories/1997/10/20/story1.html|title=Sam Zell may be shopping Jacor|last=Curtis|first=Richard|date=20 October 1997|website=www.bizjournals.com|publisher=American City Business Journals|access-date=2019-07-18 |archive-url=https://web.archive.org/web/20001018120858/https://www.bizjournals.com/dayton/stories/1997/10/20/story1.html |archive-date=2000-10-18 |url-status=live |quote=That would make Zell's stake in the company worth more than $800 million, a huge gain on the $80 million his Zell/Chilmark Fund put into Jacor in early 1993 to take over the then-struggling broadcaster.}}
In 1992, the Federal Communications Commission increased the number of radio stations a single company could own in one city to 3AMs and 3FMs.{{Cite news|url=https://www.nytimes.com/1992/03/13/business/the-media-business-fcc-loosens-restrictions-on-owning-radio-stations.html|title=THE MEDIA BUSINESS; F.C.C. Loosens Restrictions On Owning Radio Stations|last=Andrews|first=Edmund L.|date=1992-03-13|work=The New York Times|access-date=2019-07-22|language=en-US|issn=0362-4331}} After this change, Jacor began purchasing stations, including WKRC (AM) in Cincinnati in 1993.{{Cite book|title=Cincinnati Magazine|year=1994|pages=26}}
On February 6, 1996, Jacor announced plans to acquire Noble Broadcast Group Inc for $152 million.{{Cite news|url=https://www.nytimes.com/1996/02/06/business/company-news-jacor-communications-to-buy-noble-broadcast-group.html|title=Company News;jacor Communications to Buy Noble Broadcast Group|agency=Reuters|date=1996-02-06|work=The New York Times|access-date=2019-07-22|language=en-US|issn=0362-4331}} After the passing of the Telecommunications Act of 1996, Jacor began buying more radio stations.{{Cite book|url=https://books.google.com/books?id=FKnhFoQykdgC&q=2-38&pg=SA2-PA38|title=Communications Law and Practice|last=Brotman|first=Stuart|year=2006|isbn=9781588520708|pages=38}}
On February 13, 1996, Jacor announced it would buy Citicasters for $770 million.{{Cite web|url=https://www.latimes.com/archives/la-xpm-1996-02-14-fi-35798-story.html|title=Citicasters to Be Purchased by Radio Firm Jacor|date=1996-02-14|website=Los Angeles Times|language=en-US|access-date=2019-07-30}} As part of the merger, Jacor acquired WKRC-TV, a Cincinnati CBS-affiliate television station, and WTSP, a television station in Tampa, Florida.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/702808/0000702808-96-000006.txt|title=Jacor Communications Inc|access-date=30 July 2019}}{{cite book|url=https://books.google.com/books?id=0QkEAAAAMBAJ|title=Billboard|date=5 October 1996|publisher=Nielsen Business Media, Inc.|page=101}} In September, Jacor announced WTSP would be sold to Gannett Co. in exchange for three radio stations.{{Cite web|url=https://www.tegna.com/gannett-announces-agreement-with-jacor-communications/|title=Gannett Announces Agreement with Jacor Communications|date=1996-09-26|website=TEGNA|language=en-US|access-date=2019-07-30}}
In May 1993, founder and CEO Terry Jacobs left Jacor.{{Cite web|url=https://www.bizjournals.com/cincinnati/stories/1999/08/09/story1.html|title=Merger would redraw market|last=Curtis|first=Richard|date=9 August 1999|website=www.bizjournals.com|access-date=2019-07-30}} The VP of programming and COO, Randy Michaels, was named president of the company that year, and in 1996, he was promoted to CEO.{{Cite web|url=https://www.heraldtribune.com/article/LK/20101019/News/605221646/SH/|title=Tribune Board Said Ready to Oust Chief Executive|last1=Carr|first1=David|last2=Arango|first2=Tim|date=19 October 2010|website=Herald-Tribune|access-date=30 July 2019|archive-date=20 September 2020|archive-url=https://web.archive.org/web/20200920180124/https://www.heraldtribune.com/article/LK/20101019/News/605221646/SH/|url-status=dead}} Jacor's corporate headquarters were in downtown Cincinnati from the mid-1980s through 1996 when they moved across the Ohio River to Covington, Kentucky.{{Citation needed|date=August 2019}} In 1997, Jacor acquired the assets of Nationwide Communications.{{Cite web|url=https://variety.com/1997/biz/news/jacor-s-nationwide-1116675372/|title=Jacor's Nationwide|last1=Peers|first1=Martin|date=1997-10-28|website=Variety|language=en|access-date=2019-06-28}}
In 1999, Jacor was sold to Clear Channel Communications for $3.4 billion in stock.{{Cite news|url=https://www.wsj.com/articles/SB907848481506215500|title=Clear Channel Wins Bidding Contest, Agrees to Buy Jacor Communications|last=Journal|first=Alejandro Bodipo-MembaStaff Reporter of The Wall Street|date=1998-10-09|work=Wall Street Journal|access-date=2019-08-01|language=en-US|issn=0099-9660}}{{Cite web|url=https://apnews.com/d828c1dbc6706278d6188810043d7e1d|title=Clear Channel Buys Jacor|last=Nolan|first=John|website=AP NEWS|access-date=2019-08-01}} Clear Channel also assumed approximately $1.2 billion of Jacor's debt. At the time of its acquisition, Jacor was the third-largest provider of syndicated radio programming,{{Cite web|url=https://variety.com/1998/biz/news/clear-channel-buys-jacor-1117481271/|title=Clear Channel buys Jacor|last1=Morgan|first1=Richard|date=1998-10-09|website=Variety|language=en|access-date=2019-08-01}}{{Cite news|url=https://www.nytimes.com/1999/08/04/business/clear-channel-buying-5-fm-radio-stations.html|title=Clear Channel Buying 5 FM Radio Stations|last=News|first=Bloomberg|date=1999-08-04|work=The New York Times|access-date=2019-08-01|language=en-US|issn=0362-4331}} owning 230 radio stations and Premiere Radio networks (a radio syndication company), as well as disseminating The Rush Limbaugh Show and the Dr. Laura Schlessinger show.
Clear Channel named Randy Michaels CEO and chairman of Clear Channel Radio in 2000.{{Cite web|url=https://www.radioworld.com/news-and-business/clear-channel-taps-top-management|title=Clear Channel Taps Top Management|date=2000-05-22|website=Radio World|language=en-US|access-date=2019-08-01}} In 2008, private equity firms Thomas H. Lee and Bain Capital Partners completed a buyout of Clear Channel Communications.{{Cite news|url=https://www.reuters.com/article/us-clearchannel-idUSN3047981920080730|title=Bain, Thomas H. Lee complete Clear Channel buyout|date=2008-07-30|work=Reuters|access-date=2019-08-01|language=en}}
References
External links
- [http://www.ketupa.net/clear.htm Clear Channel Overview]
{{Clear Channel}}
Category:Defunct radio broadcasting companies of the United States
Category:Mass media companies established in 1987
Category:Mass media companies disestablished in 1999
Category:Defunct companies based in Ohio
Category:Defunct companies based in Cincinnati