Bush was governor of Texas, Mr. Under Mr. Hicks, Utimco placed much of the university's endowment under the management of companies with strong Republican Party or Bush family ties. In Mr. Hicks purchased the Texas Rangers in a deal that made Mr. Bush a multimillionaire. John Breaux D-La. In , to promote the formatting switch of a Clear Channel station in Akron, Ohio from "sports talk to progressive talk," Clear Channel launched "Radio Free Ohio" in a guerrilla marketing campaign.
For weeks, it sounded as if amateurs had been bleeding their voices into the broadcasts of stations in Akron, Ohio, owned by Clear Channel, the corporate radio giant. At the Web site www. Stay Free editor Carrie McLaren wrote, "I supposed this isn't all that surprising coming from the company that pioneered the art of making generic, nationally produced newscasts sound as if they're local. I think of all this as good news: Clear Channel is so desperate to defend its turf that it'll even try joining the chorus of critics.
Clear Channel later admitted they were behind "Radio Free Ohio. Read More. Table of Contents. How do you cite a research brief in APA? What is the Acknowledgement in the main body of the document? Accept Decline Cookie Settings. I consent to the use of following cookies:. Cookie Declaration About Cookies. Necessary 0 Marketing 0 Analytics 0 Preferences 0 Unclassified 0. Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website.
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As expected, companies began acquiring broadcasting properties in earnest, swallowing up one after another to take advantage of the relaxed ownership restrictions; Clear Channel, however, stood by.
Conspicuous by his absence from the acquisition frenzy, Mays was criticized by industry observers as a former investment banker who analyzed deals and then decided not to get involved.
Mays later explained that Clear Channel's inactivity was not due to a lack of effort or interest. If you stick by your targets for return on investment, it will take you out of the market. In the wake of the FCC ruling, Mays made several acquisitions, but by his company was effectively out of the radio acquisition market. In , when all radio acquisitions had been put on hold, Mays jumped into the television market, acquiring a station in Mobile, Alabama, that was an affiliate of the Fox TV network, which was just beginning its bid to become the fourth major network in the country.
After acquiring the station in Mobile, Mays went on to purchase television stations in Tucson, Jacksonville, Tulsa, Wichita, and Memphis, each a Fox affiliate except for the Tucson property. The foray into television broadcasting proved to be a financial boon for Clear Channel, particularly because of the success enjoyed by the Fox TV network as it developed into the country's fourth major television network.
Beginning in mid, Mays changed course and began to acquire radio stations at a voracious rate, motivated by changing conditions in the radio industry.
Companies that had acquired radio stations during the s had paid high prices, and during the economic recession of the early s many of those companies were saddled with debt and forced to sell.
Consequently, the price of radio properties dropped dramatically, creating numerous opportunities for Mays. In the company leaped well beyond its established operating territory when it acquired a 50 percent interest in the Australian Radio Network. By the end of that year, Clear Channel owned 36 radio stations and 10 television stations, which represented a modest increase over the total number of properties it owned in The figures were deceiving, however, because they did not accurately convey the financial progress the company had made during the two-year period.
Because of the strategy employed by Mays, Clear Channel exited in enviable financial shape and ready to take advantage of a momentous announcement by the FCC. The Telecommunications Act of lifted national radio ownership restrictions and eased local limitations, touching off a spate of acquisitions for those with the financial wherewithal to acquire broadcasting properties. Clear Channel was one of those companies in a financial position that permitted aggressive expansion and, in fact, was leading the pack.
The company's history of robust cash-flow growth and its discipline in acquiring stations for bargain prices had investors clamoring for more. As the company prepared plans for the late s and the beginning of the 21st century, more acquisitions were in the offing. Clear Channel's progress in set the tone for the company's course of development in the future.
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