CLEAR CHANNEL GETS APPROVAL FROM FCC TO ACQUIRE JACOR
WASHINGTON -- The Federal Communications Commission on Thursday approved Clear Channel Communications Inc.'s $3.8 billion acquisition of Jacor Communications Inc., provided the companies sell 18 radio stations in four cities to preserve competition.The FCC's action mirrors an agreement between the companies and the Justice Department, which cleared the deal last week.
The department's antitrust division had contended the original deal would have significantly reduced competition for radio advertising in Cleveland and Dayton, Ohio; Louisville, Ky.; and Tampa, Fla. With the divestiture, the number of competitors in those cities will either remain the same or increase.
The FCC also granted Clear Channel a temporary break from federal ownership rules so that it may own TV and radio stations that serve the same markets.
Clear Channel, based in San Antonio, is the third-largest radio group nationwide based on number of stations; Jacor is second. Jacor has seven Salt Lake radio stations.
QUESTAR'S EARNINGS RISE TO 52CENT A SHARE IN QUARTER
Questar Corp. announced Wednesday that its earnings rose to $43.4 million, or 52 cents per share, for the first quarter of 1999.
That compared with $40.9 million, or 49 cents per share, for the same period of 1998.
The Salt Lake-based energy company's performance benefited from a 24 percent increase in natural gas production, stable earnings from regulated activities and increased sales of common stock held in a telecommunications company.
The company's Questar Gas subsidiary saw its net income decline from $20.7 million in the 1998 quarter to $20.2 million for the first three months of this year. Questar Gas added 22,497 customers between March 31, 1998, and March 31, 1999, but total gas deliveries during the 1999 first quarter decreased 6 percent due to warmer-than-normal temperatures.
Also this week, Questar announced it had completed a $5.5 million deep well in the Vermillion Basin, one of the oldest producing areas of Sweetwater County, Wyo.
CORDANT INCOME INCREASES 44% -- TO $1.26 A SHARE
Cordant Technologies Inc., formerly Thiokol, Tuesday reported first quarter net income increased 44 percent over the same period last year to $47.2 million or $1.26 per share.
James R. Wilson, chairman and chief executive officer of the Salt Lake-based aerospace and industrial company cited "strategic market diversification" and "focus on operational excellence" for the increase.
The 1999 quarter's net income included a $7.1 million (19 cents per share) tax benefit involving subsidiary Howmet and also a $1.3 million (3 cents per share) benefit involving Howmet's stock price. But even without those, earnings per share of $1.04 were up 20 percent over the 1998 first quarter.
First quarter sales were up 13 percent to $634.1 million.