Chancellor's Huge Media Move
SO YOU WANT TO BE IN TV? On July 7, Chancellor Media said it would pay some $903 million for LIN Television. Both Chancellor, the No.2 radio company, and LIN are partly owned by Dallas investment firm Hicks Muse Tate & Furst. Chancellor plans to own radio, billboard, and TV properties in the same cities and sell package deals to advertisers. In June, Chancellor agreed to pay $610 million for billboard company Martin Media. TV "provides excellent opportunities for cross-promotion and cross-selling with our radio and outdoor assets," says Chancellor CEO Jeffrey Marcus.