View source for Jacor

{{short description|American radio broadcaster}}
{{Infobox company
| name = Jacor Communications
| type = [[Subsidiary]]
| fate = Acquired by [[Clear Channel Communications]] & reorganized into [[iHeartMedia]]
| successor = [[iHeartMedia]]
| foundation = {{start date and age|1987}}
| defunct = {{end date and age|1999}}
| location = [[Cincinnati, Ohio]], US
| key_people = Terry Jacobs, Frank Wood, Randy Michaels
| parent = [[Zell Chilmark]] (1992-1996)<br>[[Citicasters]] (1996-1999)
| industry = [[Terrestrial radio|Radio]] network
}}

'''Jacor Communications''' was a media corporation, existing between 1987 and 1999, which owned many [[radio station]]s in the [[United States]]. In 1998, Jacor was purchased by Clear Channel Communications, now [[iHeartMedia]], for $2.8 billion.<ref>{{Cite web|url=https://www.nytimes.com/1998/10/09/business/the-media-business-clear-channel-to-buy-jacor-for-2.8-billion-in-stock.html|title=THE MEDIA BUSINESS; Clear Channel to Buy Jacor For $2.8 Billion in Stock|last=Myerson|first=Allen|date=9 October 1998|website=New York Times}}</ref>

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.<ref>{{Cite web|url=https://www.inc.com/magazine/19860701/5113.html|title=Rising Values|last=Richman|first=Tom|date=1986-07-01|website=Inc.com|access-date=2019-07-18}}</ref> Jacobs incorporated Jacor Communications in 1979 and purchased three religious stations in 1981.<ref>{{Cite web|url=https://www.salon.com/2001/04/30/clear_channel/|title=Radio's big bully {{!}} Salon.com|date=2019-06-06|archive-url=https://web.archive.org/web/20190606154854/https://www.salon.com/2001/04/30/clear_channel/|access-date=2019-07-18|archive-date=2019-06-06}}</ref><ref name=":0">{{Cite web|url=https://www.sec.gov/Archives/edgar/data/702808/0000702808-96-000006.txt|title=Commission File No. 0-12404 Jacor Communications|access-date=18 July 2019}}</ref> In June 1989, Jacor purchased Telesat Cable, a Northern Kentucky cable provider, for $5 million,<ref>{{Cite web|url=http://www.newspapers.com/image/102129255/|title=28 Apr 1991, Page 91 - The Cincinnati Enquirer at Newspapers.com|website=Newspapers.com|language=en|access-date=2019-07-18}}</ref> which it later sold in May 1994.<ref name=":0" /> In 1993, an investor named [[Sam Zell]] paid $80 million from the [[Zell Chilmark]] fund to purchase controlling interest in Jacor.<ref>{{Cite web|url=https://www.bizjournals.com/dayton/stories/1997/10/20/story1.html|title=Sam Zell may be shopping Jacor|last=Curtis|first=Richard|date=20 October 1997|website=www.bizjournals.com|publisher=[[American City Business Journals]]|access-date=2019-07-18 |archive-url=https://web.archive.org/web/20001018120858/https://www.bizjournals.com/dayton/stories/1997/10/20/story1.html |archive-date=2000-10-18 |url-status=live |quote=That would make Zell's stake in the company worth more than $800 million, a huge gain on the $80 million his Zell/Chilmark Fund put into Jacor in early 1993 to take over the then-struggling broadcaster.}}</ref>

In 1992, the [[Federal Communications Commission]] increased the number of radio stations a single company could own in one city to 3AMs and 3FMs.<ref>{{Cite news|url=https://www.nytimes.com/1992/03/13/business/the-media-business-fcc-loosens-restrictions-on-owning-radio-stations.html|title=THE MEDIA BUSINESS; F.C.C. Loosens Restrictions On Owning Radio Stations|last=Andrews|first=Edmund L.|date=1992-03-13|work=The New York Times|access-date=2019-07-22|language=en-US|issn=0362-4331}}</ref> After this change, Jacor began purchasing stations, including [[WKRC (AM)]] in Cincinnati in 1993.<ref>{{Cite book|title=Cincinnati Magazine|year=1994|pages=26}}</ref>

On February 6, 1996, Jacor announced plans to acquire Noble Broadcast Group Inc for $152 million.<ref>{{Cite news|url=https://www.nytimes.com/1996/02/06/business/company-news-jacor-communications-to-buy-noble-broadcast-group.html|title=Company News;jacor Communications to Buy Noble Broadcast Group|agency=Reuters|date=1996-02-06|work=The New York Times|access-date=2019-07-22|language=en-US|issn=0362-4331}}</ref> After the passing of the [[Telecommunications Act of 1996]], Jacor began buying more radio stations.<ref>{{Cite book|url=https://books.google.com/books?id=FKnhFoQykdgC&q=2-38&pg=SA2-PA38|title=Communications Law and Practice|last=Brotman|first=Stuart|year=2006|isbn=9781588520708|pages=38}}</ref>

On February 13, 1996, Jacor announced it would buy [[Citicasters]] for $770 million.<ref>{{Cite web|url=https://www.latimes.com/archives/la-xpm-1996-02-14-fi-35798-story.html|title=Citicasters to Be Purchased by Radio Firm Jacor|date=1996-02-14|website=Los Angeles Times|language=en-US|access-date=2019-07-30}}</ref> As part of the merger, Jacor acquired [[WKRC-TV]], a Cincinnati CBS-affiliate television station, and [[WTSP]], a television station in [[Tampa, Florida]].<ref>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/702808/0000702808-96-000006.txt|title=Jacor Communications Inc|access-date=30 July 2019}}</ref><ref name="Inc.1996">{{cite book|url=https://books.google.com/books?id=0QkEAAAAMBAJ|title=Billboard|date=5 October 1996|publisher=Nielsen Business Media, Inc.|page=101}}</ref> In September, Jacor announced WTSP would be sold to [[Gannett|Gannett Co]]. in exchange for three radio stations.<ref>{{Cite web|url=https://www.tegna.com/gannett-announces-agreement-with-jacor-communications/|title=Gannett Announces Agreement with Jacor Communications|date=1996-09-26|website=TEGNA|language=en-US|access-date=2019-07-30}}</ref>

In May 1993, founder and CEO Terry Jacobs left Jacor.<ref>{{Cite web|url=https://www.bizjournals.com/cincinnati/stories/1999/08/09/story1.html|title=Merger would redraw market|last=Curtis|first=Richard|date=9 August 1999|website=www.bizjournals.com|access-date=2019-07-30}}</ref> The VP of programming and COO, [[Randy Michaels]], was named president of the company that year, and in 1996, he was promoted to CEO.<ref>{{Cite web|url=https://www.heraldtribune.com/article/LK/20101019/News/605221646/SH/|title=Tribune Board Said Ready to Oust Chief Executive|last1=Carr|first1=David|last2=Arango|first2=Tim|date=19 October 2010|website=Herald-Tribune|access-date=30 July 2019|archive-date=20 September 2020|archive-url=https://web.archive.org/web/20200920180124/https://www.heraldtribune.com/article/LK/20101019/News/605221646/SH/|url-status=dead}}</ref> 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|date=August 2019}} In 1997, Jacor acquired the assets of [[Nationwide Communications]].<ref>{{Cite web|url=https://variety.com/1997/biz/news/jacor-s-nationwide-1116675372/|title=Jacor's Nationwide|last1=Peers|first1=Martin|date=1997-10-28|website=Variety|language=en|access-date=2019-06-28}}</ref>

In 1999, Jacor was sold to [[Clear Channel Communications]] for $3.4 billion in stock.<ref name=":1">{{Cite news|url=https://www.wsj.com/articles/SB907848481506215500|title=Clear Channel Wins Bidding Contest, Agrees to Buy Jacor Communications|last=Journal|first=Alejandro Bodipo-MembaStaff Reporter of The Wall Street|date=1998-10-09|work=Wall Street Journal|access-date=2019-08-01|language=en-US|issn=0099-9660}}</ref><ref name=":2">{{Cite web|url=https://apnews.com/d828c1dbc6706278d6188810043d7e1d|title=Clear Channel Buys Jacor|last=Nolan|first=John|website=AP NEWS|access-date=2019-08-01}}</ref> Clear Channel also assumed approximately $1.2 billion of Jacor's debt.<ref name=":1" /><ref name=":2" /> At the time of its acquisition, Jacor was the third-largest provider of syndicated radio programming,<ref name=":3">{{Cite web|url=https://variety.com/1998/biz/news/clear-channel-buys-jacor-1117481271/|title=Clear Channel buys Jacor|last1=Morgan|first1=Richard|date=1998-10-09|website=Variety|language=en|access-date=2019-08-01}}</ref><ref>{{Cite news|url=https://www.nytimes.com/1999/08/04/business/clear-channel-buying-5-fm-radio-stations.html|title=Clear Channel Buying 5 FM Radio Stations|last=News|first=Bloomberg|date=1999-08-04|work=The New York Times|access-date=2019-08-01|language=en-US|issn=0362-4331}}</ref> owning 230 radio stations and [[Premiere Networks|Premiere Radio networks]] (a radio syndication company), as well as disseminating ''[[The Rush Limbaugh Show]]'' and the Dr. [[Laura Schlessinger]] show.<ref name=":3" />

Clear Channel named Randy Michaels CEO and chairman of Clear Channel Radio in 2000.<ref>{{Cite web|url=https://www.radioworld.com/news-and-business/clear-channel-taps-top-management|title=Clear Channel Taps Top Management|date=2000-05-22|website=Radio World|language=en-US|access-date=2019-08-01}}</ref> In 2008, private equity firms Thomas H. Lee and Bain Capital Partners completed a buyout of Clear Channel Communications.<ref>{{Cite news|url=https://www.reuters.com/article/us-clearchannel-idUSN3047981920080730|title=Bain, Thomas H. Lee complete Clear Channel buyout|date=2008-07-30|work=Reuters|access-date=2019-08-01|language=en}}</ref>

==References==
<references />

==External links==
*[http://www.ketupa.net/clear.htm Clear Channel Overview]

{{Clear Channel}}

[[Category:IHeartMedia]]
[[Category:Defunct radio broadcasting companies of the United States]]
[[Category:Mass media companies established in 1987]]
[[Category:Mass media companies disestablished in 1999]]
[[Category:Defunct companies based in Ohio]]
[[Category:Defunct companies based in Cincinnati]]
[[Category:1987 establishments in Ohio]]
[[Category:1999 disestablishments in Ohio]]