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Hicks, Muse, Tate & Furst owned 59 percent of Capstar, with 355 stations in 83 markets, and was the largest single owner of Chancellor (which had 108 stations in 22 markets), with 15 percent of the stock.
Chancellor Media later became AMFM Inc., which was acquired by Clear Channel in a deal announced October 3, 1999, and valued at .4 billion.
When the Telecommunications Act of 1996 became law, the act deregulated media ownership, allowing a company to own more stations than previously allowed.
Clear Channel went on a subsequent buying spree, purchasing more than 70 other media companies and individual stations.
The Mays family remained in effective control of all three, and held key executive roles in each (with Mark Mays as CEO of both radio and outdoor and Randall Mays as Chairman of Live Nation).
(formerly CC Media Holdings, Inc.) is an American mass media corporation headquartered in San Antonio, Texas.
It is the holding company of i Heart Communications, Inc.
(formerly Clear Channel Broadcasting, Inc.); the company owns more than 850 full-power AM and FM radio stations in the U.
S., making it the nation's largest owner of radio stations.
i Heart Media staff, including John Sykes, believed that the deal (particularly the Beatport countdown show) would help provide a higher level of national exposure to current and up and coming EDM artists. Donnelly, left the board of i Heart Communications and will be replaced by Laura A. On Friday, November 17, 2006, Clear Channel announced that it was going private and selling off almost one-third of its radio assets, according to The Washington Post and DHM.