Content area
Full Text
Chancellor Media Corp. will enter Cleveland with control of several of the top radio stations after three companies agreed to sell their six stations for $275 million.
Pending FCC and Justice Department approval, Chancellor will buy WRMR(AM)-WDOK(FM) from Independent Group LP; WZAK(FM) and WJMO(AM)-WZJM(FM) from Zapis Communications and a related company, and WQAL(FM) from I. Martin Pompadur's ML Media Partners. A breakdown of how much money each will get was not available.
"You've got to keep an eye on the world [which is] changing, and right now prices [for radio stations] are very high," says Thomas J. Embreschia, chairman...