Scenic Florida | Preserving Florida

For current information as to the billboard interests which used to be known as Whiteco Advertising Company (then a division of Whiteco Industries, Inc.), Martin Media, LLP, Chancellor Media Outdoor Corporation and Chancellor Media Whiteco Outdoor Corporation, see the current information on Lamar Advertising Company (Lamar) which now owns those assets.

On September 15, 1999, Chancellor Media Corporation of Los Angeles ("CMCLA"), an indirect wholly-owned subsidiary of AMFM Inc. (formerly Chancellor Media Corporation) consummated the sale of all of the outstanding common stock of Chancellor Media Outdoor Corporation and Chancellor Media Whiteco Outdoor Corporation (which together held all of AMFM, Inc.'s assets used in its outdoor advertising business) to Lamar Advertising Company ("Lamar").

Note:  Chancellor Media Corporation's outdoor advertising division commenced operations in July 1998 with the acquisition of Martin Media L.P., Martin & MacFarlane, Inc. and certain affiliated companies ("Martin") and further expanded its outdoor presence with the acquisition of the outdoor advertising division of Whiteco Industries, Inc. ("Whiteco") in December 1998 and other outdoor acquisitions.

Under the terms of the stock purchase agreement and related agreements dated June 1, 1999 and thereafter, CMCLA received cash proceeds of $700.0 million, subject to a net working capital adjustment, and 26,227,273 shares of Lamar Class A common stock, par value $.01 per share.  Lamar reportedly paid a total purchase ] price in cash and stock of $1.88 billion.  As a result of the consummation of this transaction, AMFM, Inc. (formerly Chancellor Media Corporation)(renamed AMFM, Inc. on July 13, 1999) acquired a 30% equity interest in Lamar Advertising Company.

Note:  On October 4, 1999, it was announced that Clear Channel Communications, Inc. had agreed to acquire AMFM, Inc. in a deal valued at $17.4 billion in stock plus $6.1 billion in debt.  AMFM, Inc. owns 30% of Lamar Advertising Company.  Clear Channel Communications, Inc. already owns 100% of Eller Media Corporation.

Whiteco Advertising Company

Prior to December, 1998, Whiteco Advertising Company, then a division of Whiteco Industries, Inc., was the largest privately held billboard company in the United States, and was the country's third or fourth largest billboard company.  Whiteco was headquartered in Merrillville, Indiana.

In both 1997 and 1998, the Outdoor Advertising Association of America (OAAA) listed Whiteco as one of its ten largest members.  Its principal owner, Dean White, was a recent entry into Forbes 400 Richest people in America with a net worth in excess of $600 million.  In connection with speculation that he might take the company public, White was quoted as saying:  "I can't spend the money I got."  Whiteco had 14 regional outdoor operations.  A few years ago, Whiteco reported a volume of $132 million in business in its outdoor division.  In its Florida operating region, Whiteco reported 1997 net operating region income of $5.9 million.

For more information about this former billboard giant (which is now part of Lamar), see Whiteco Advertising Company’s website at http://www.whiteco.com.

In early September, 1998, it was announced that Dallas-based Chancellor Media Corp. (which later changed its name to AMFM, Inc.) (Nasdaq: AMFM) had agreed to pay $930 million for Whiteco.  A few days earlier, it was announced that Chancellor Media Corp. had agreed to acquire Capstar Broadcasting Corp. in a merger valued at $4.1 billion in stock and debt.  Both mergers were consummated.

In June, 1998, Chancellor Media Corp. announced that it was acquiring Martin Media L.P. for $610 million.  Martina Media, a privately-held company based in Paso Robles, Calif., reportedly had more than 13,000 display faces in 29 markets and 12 states, ranking first or second in about 90 percent of the markets it served.  At the time, Martin Media L.P. was believed to be one of the ten largest billboard companies in the United States.  The merger was consummated.