Clear Channel Communications, which was sold in a leveraged buyout in 2008, was the predecessor company to iHeartRadio. From the outset, Mr. Mays was set on expansion, because with every additional radio station purchased came greater advertising reach. The law precipitated consolidation across radio broadcasting, and Clear Channel Communications became the largest owner of radio stations in the country. Mr. Mays suffered a blood clot in 2004 and was succeeded as chief executive by his son Mark Mays. The radio industry was evolving beyond the era that Mr. Mays had helped define, with competition from satellite radio and streaming services.

Source: Forbes September 16, 2022 03:22 UTC