San Antonio-based Clear Channel Worldwide has finalized its acquisition of Salt Lake's KTVX Channel 4.
The transaction was part of a swap that included Clear Channel giving up Minneapolis television station WFTC-TV in exchange for San Antonio television station KMOL and Salt Lake's KTVX, owned by News Corp.
The Federal Communications Commission approved the exchange last month.
"We are delighted to have this station in the Salt Lake City market join our family of television stations," said Rebecca Allmon, a spokeswoman for Clear Channel.
The trade was prompted by a Justice Department suit filed earlier this year after News Corp., which owns Fox Television Stations, purchased Salt Lake's KTVX from New York-based Chris-Craft.
Because Fox Television already owned Salt Lake's KSTU-Channel 13, the purchase created a duopoly, spurring the Justice Department suit.
William Moll, president of Clear Channel Television, said in a news release that the addition of KTVX in Salt Lake City will add to the cluster of radio stations the company owns here. He described the city as one of the country's fastest-growing areas.
Because of Clear Channel's purchase of KTVX, the company sold one of its eight Salt Lake-based radio stations, KALL-AM, Monday to San Antonio-based Mercury Broadcasting in order to comply with FCC regulations.
"We now own and operate seven radio stations in Salt Lake. We represent the inventory on three Salt Lake stations. Those stations are not owned by us. They are owned by Mercury Broadcasting in a joint sales agreement," Allmon said.
Clear Channel owns KNRS-AM, KWLW-AM, KZHT, KURR, KISN, KKAT and KODJ.
In addition, Moll said that it had been a goal of Clear Channel to own a television station in its home market of San Antonio.
Clear Channel operates 1,180 radio and 18 television stations in the United States.In afternoon trading Tuesday on the New York Stock Exchange, shares of Clear Channel were down 41 cents at $38.09 per share.
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