Jacor

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

Company type	Subsidiary
Industry	Radio network
Founded	1987; 38 years ago (1987)
Defunct	1999; 26 years ago (1999)
Fate	Acquired by Clear Channel Communications & reorganized into iHeartMedia
Successor	iHeartMedia
Headquarters	Cincinnati, Ohio, US
Key people	Terry Jacobs, Frank Wood, Randy Michaels
Parent	Zell Chilmark (1992-1996) Citicasters (1996-1999)

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]

In 1999, Jacor was sold to Clear Channel Communications for $3.4 billion in stock.^[18][19] Clear Channel also assumed approximately $1.2 billion of Jacor's debt.^[18][19] At the time of its acquisition, Jacor was the third-largest provider of syndicated radio programming,^[20][21] 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.^[20]

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]