Jacor Communications Inc. continued its nearly two-year radio buying spree Monday, announcing it has agreed to buy Nationwide Communications’ 17 large-market radio stations for $620 million in cash.
Jacor, chaired by Chicago financier Sam Zell, will pick up stations in Dallas, Houston, Minneapolis, Phoenix, Baltimore, Cleveland, Columbus and San Diego.
Jacor, which prior to the sale owned or operated 172 stations in 36 markets, is the nation’s third-largest radio group in terms of revenue.
Nationwide is a subsidiary of Columbus, Ohio-based Nationwide Mutual Insurance Co., which said last month that it intended to sell the stations to focus on its insurance and financial-services businesses.
The move by Cincinnati-based Jacor is expected to be seen as a sign that the bull market for radio purchases will continue, at least in the short term.
As most stocks suffered from Monday’s stock market fall, Jacor stock dropped 7 percent, to $42.87, down $3.25.
