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Aug 27, 1997 12:00am PT

Clear Channel to buy Paxson assets

WEST PALM BEACH, Fla. — Clear Channel Communications Inc. has signed a definitive agreement to buy the radio broadcasting and outdoor advertising assets of Paxson Communications Corp. for $600 million.

In a press release Tuesday, Paxson said the price was adjusted from a previous price of $610 million. The final agreement was structured as tax- advantaged for Paxson.

Under the agreement, Clear Channel will acquire the assets of Paxson’s 46 radio stations, six radio networks and 348 outdoor display faces.

Clear Channel will pay $33 million for the pending acquisition of two FM and two AM stations in West Palm Beach, Fla., which Paxson is purchasing from American Radio Systems.

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