http://www.latimes.com/business/la-fi-clear15mar15,1,3618186.story?coll=la-headlines-business
Clear Channel Says U.S. Closes Antitrust Probes From the Associated Press March 15, 2006 SAN ANTONIO Radio station owner Clear Channel Communications Inc. said the Justice Department had closed two antitrust investigations into the company's broadcast and concert businesses without taking action. The Justice Department examined whether Clear Channel violated antitrust laws in one radio market and whether it illegally pressured artists to use its promotion service to get radio play for their songs, the company said in a regulatory filing. Antitrust regulators announced the investigations in 2003, after rivals complained that Clear Channel, the largest station owner, had gained too much clout by linking its radio and concert promotion businesses. The Justice Department closed both investigations last month, the company said in its 2005 financial report, filed Friday with the Securities and Exchange Commission. Last year, a federal jury in Chicago ordered Clear Channel to pay a rival promoter $90 million for anti-competitive practices used to win a deal to promote motorcycle races. The jurors said Clear Channel didn't break antitrust laws but intentionally interfered with Jam Productions Ltd.'s effort to promote dirt-track motorcycle racing. A federal judge in Chicago reversed the award and ordered a new trial. In December, Clear Channel spun off the concert business into a separate company. Analysts speculated that the move might have prompted the Justice Department to close its investigations. The radio unit has been battling competition from commercial-free music channels on satellite radio. To avoid alienating listeners and improve ratings, Clear Channel stations are reducing commercial breaks and pushing advertisers to take shorter spots. Clear Channel shares rose 14 cents Tuesday to $29. The stock has fallen 7.8% this year. ================================ George Antunes, Political Science Dept University of Houston; Houston, TX 77204 Voice: 713-743-3923 Fax: 713-743-3927 antunes at uh dot edu Reply with a "Thank you" if you liked this post. _____________________________ MEDIANEWS mailing list [email protected] To unsubscribe send an email to: [EMAIL PROTECTED]
