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. Last Updated: 07/27/2016

Radio Colossus

NEW YORK () -- The two biggest U.S. radio companies announced they will combine in a $4.9 billion deal that will create a coast-to-coast powerhouse in one of the communications industry's most overlooked, yet profitable, mediums. Westinghouse Electric Corp.'s acquisition of Infinity Broadcasting Group -- which involves a $3.9 billion stock swap and $1 billion in Infinity debt -- would create a company with a billion dollars in revenue and 83 stations.