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.[1]
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.[2] Jacobs incorporated Jacor Communications in 1979 and purchased three religious stations in 1981.[3][4] In June 1989, Jacor purchased Telesat Cable, a Northern Kentucky cable provider, for $5 million,[5] which it later sold in May 1994.[4] In 1993, an investor named Sam Zell paid $80 million from the Zell Chilmark fund to purchase controlling interest in Jacor.[6]
In 1992, the Federal Communications Commission increased the number of radio stations a single company could own in one city to 3AMs and 3FMs.[7] After this change, Jacor began purchasing stations, including WKRC (AM) in Cincinnati in 1993.[8]
On February 6, 1996, Jacor announced plans to acquire Noble Broadcast Group Inc for $152 million.[9] After the passing of the Telecommunications Act of 1996, Jacor began buying more radio stations.[10]
On February 13, 1996, Jacor announced it would buy Citicasters for $770 million.[11] As part of the merger, Jacor acquired WKRC-TV, a Cincinnati CBS-affiliate television station, and WTSP, a television station in Tampa, Florida.[12][13] In September, Jacor announced WTSP would be sold to Gannett Co. in exchange for three radio stations.[14]
In May 1993, founder and CEO Terry Jacobs left Jacor.[15] The VP of programming and COO, Randy Michaels, was named president of the company that year, and in 1996, he was promoted to CEO.[16] 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] In 1997, Jacor acquired the assets of Nationwide Communications.[17]
Clear Channel named Randy Michaels CEO and chairman of Clear Channel Radio in 2000.[22] In 2008, private equity firms Thomas H. Lee and Bain Capital Partners completed a buyout of Clear Channel Communications.[23]
^Curtis, Richard (20 October 1997). "Sam Zell may be shopping Jacor". www.bizjournals.com. American City Business Journals. Archived from the original on 2000-10-18. Retrieved 2019-07-18. 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.
