FCC: Breaking News

[John Macy]

WASHINGTON (AP)--The Federal Communications Commission (FCC) announced
today
that it has agreed to be acquired by Clear Channel Communications (CCU)
of
San
Antonio, Texas.

In announcing the deal, FCC Chairman Micheal Powell said "This
transaction
will greatly expedite the demise of the antiquated concept of local
ownership of
media outlets. Critics of deals such as this need to understand that
Clear
Channel embodies all that is good and decent in the broadcast industry,
and
anyone that believes otherwise clearly isn't listening to the
news."


In a statement issued today, Clear Channel CEO Lowry Mays said
"This
acquisition is a perfect strategic fit for Clear Channel. The FCC has
been a
wonderful
business partner for the past several years, and has carried out our
directions with great enthusiasm. We are proud to welcome the FCC into
the
Clear
Channel family of companies."


Although terms of the deal were not immediately available, It is said
that
the acquisition will include all components, operating units and assets
of
the
FCC, except for its soul, which was sold in a prior transaction to
Satan,
Inc.
in 1996.


Clear Channel, which owns broadcast facilities, shopping malls,
billboard
advertising, and concert promotion units all across North America, has
been
on an
acquisition binge for the past several years, and has recently broadened
the
scope of its acquisitions to include government entities. In a recent
deal,
CCU purchased a 50% interest in the U.S. Congress, and is reportedly
close
to
striking a deal to purchase The White House. Clear Channel already has
been
integrelly running the George Bush presidency.


Clear Channel's Stock stood at $42.09 at the close of Monday's trading,
up
$1.39, or 3.42%

[Alvin Blaine]

This isn't breaking news, this deal was made years ago. They have owned the FCC for a long time.