Investing - Clear Channel Wants More Radio Consolidation - FORTUNE - Page
Investing - Clear Channel Wants More Radio Consolidation - FORTUNE - PageClear Channel Wants More Radio Consolidation
CEO Mark Mays wants to boost his bet on a medium that’s facing plenty of competition.
By Stephanie Mehta
Clear Channel Communications spent the better part of the 1990's gobbling up radio stations, making the San Antonio-based company a symbol of big media—and a target for music fans, who felt corporate ownership was ruining radio.
And yet Mark Mays, Clear Channel's CEO, thinks the radio industry should shrink even more. "Radio is the least consolidated of all media," Mays said during a recent visit to FORTUNE. He added, however, that industry executives must do a better job of making the case for further consolidation before regulators, investors and consumers alike. Currently, the Federal Communications Commission limits the number of radio stations a company can own in a given market according to that market's size.
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