Exhibit 99.2
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FOR IMMEDIATE RELEASE
COX RADIO COMPLETES ACQUISITION OF SEVEN RADIO STATIONS
FROM CLEAR CHANNEL
ATLANTA, August 30, 2000 - Cox Radio, Inc. (NYSE: CXR) announced today
that it has completed its previously announced agreement with Clear Channel
Communications, Inc. (NYSE: CCU) to acquire three FM stations serving Houston,
Texas and three FM stations and one AM station serving Richmond, Virginia for a
total of $380 million in cash.
The stations acquired include KKBQ-FM, KKTL-FM and KLDE-FM (Cox Radio
acquired the format of KLDE-FM and the license for KTBZ-FM. The seller will
retain the license for 94.5) serving the Houston market and WKHK-FM, WMXB-FM,
WKLR-FM and WTVR-AM serving the Richmond market.
Pending the close of all other announced transactions, Cox Radio will
own and operate four FM stations serving the Houston market, the nation's eighth
largest radio revenue market. In addition, Cox Radio now owns and operates three
FM stations and one AM station serving Richmond, the nation's 47th ranked radio
revenue market.
Cox Radio is the fourth largest radio company in the United States
based on net revenues. Pending the close of all announced transactions, Cox
Radio will own, operate or provide sales and marketing services for 81 stations
(64 FM and 17 AM) clustered in 17 markets including major markets such as
Atlanta, Houston, Miami, Tampa, Orlando and San Antonio. Cox Radio's shares of
Class A common stock are traded on the New York Stock Exchange under the symbol
"CXR."
Contact:
Analysts and Investors Analysts, Investors, Press or Media
Maritza Pichon John Buckley
Chief Financial Officer Brainerd Communicators
Cox Radio, Inc. 212-986-6667
404-843-5159
Any statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Any expressions that indicate future events
and identify trends are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from historical results or those Cox Radio
anticipates. Factors that could have a material and adverse impact on Cox
Radio's business are identified in the discussion of risk factors relating to
Cox Radio's business and operations in the Company's most recent Form 10K. Cox
Radio undertakes no obligation to release publicly the results of any revisions
to forward-looking statements made in this press release to reflect events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.
