Newspapers. Media began with the written word . . . To date, the oldest existing written document dates back to 2200 B.C. By 500 B.C. Persia had developed a form of pony express and the Greeks had a "telegraph" system consisting of trumpets, drums, shouting, beacon fires, smoke signals, and mirrors; transmitting a form of communication to the masses. In 200 B.C. the Chinese circulated the first "newspaper," the Tipao gazette, to government officials. Newsletters began circulating in Europe by 1450. Over 150 years later, in 1609, the first regularly published newspaper was circulated in Germany. Advertising began to shape the media industry by 1631 with the first classified ads featured in a French newspaper. And, in 1833 a New York newspaper was sold for one penny, enabling this media to reach a mass market.

Radio. At first there was the print, and then there was sound . . . In 1821 an English man named Wheatstone reproduced sound. However, the future of radio didn't really begin

Chancellor is the fifth largest outdoor advertising company in the United States. Chancellor Media owns over 42,500 billboards and outdoor displays in 38 states.

The core purpose of Chancellor Media is not unlike that of any other public institutionto maximize shareholder value. Chancellor intends to achieve this through a number of strategies. Chancellor's overall company strategy is to "create a leading diversified media company with a significant overlapping presence in radio and outdoor advertising markets." Chancellor Media aims to: (1) build a diversified portfolio of media assets in order to deliver more options and greater value to its clients, (2) integrate station cluster groups in order to reduce expenses and maximize cash flow in each market, (3) maximize operating performance through market research, programming, and marketing campaigns, (4) expand its national radio network, AMFM, (5) create a leading national representation firm, and (6) increase its market share and improve its national sales effort.

"In 1992 the FCC relaxed radio station ownership regulations to allow broadcasters to increase both the total number of radio stations they could own nationwide and the number they could own in a single market, paving the way for the advent of duopolies. Evergreen Media continued to build its presence in major markets with station acquisitions in Washington, D.C., and San Francisco."

9. Hoover's Quote. Patrick Spain, CEO of Hoover's, Inc. http://www.hoovers.com/hoov/press/media.html

21. Yahoo! News. June 1, 1999. Chancellor Sells Billboard Unit. Seth Sutel. June 1, 1999. http://dailynews.yahoo.com/headlines/ap/financial/story.html?s=.../chancellor_outdoor_2.thm

On July 7, 1998, Chancellor announced that it would buy LIN Television for $902 million in stock. ""The acquisition of LIN Television marks our entry into television broadcasting, a business complementary to our broad radio platform,' said Jeffery Marcus, [former] president of Chancellor." However, "in July of 1998, a stockholder derivative action was commenced in the Delaware Court of Chancery by a stockholder purporting to act on behalf of Chancellor." The defendants in the case were Hicks, Muse, Tate & Furst Incorporated, LIN Television, and a few of Chancellor's directors. The plaintiff alleged that Hicks, Muse, Tate & Furst inflated the price Chancellor was to pay for the merger because they, themselves, had overpaid when acquiring LIN. Thus, the merger "allegedly constituted a breach of fiduciary duty and a waste of corporate assets by Hicks, Muse, Tate & Furst, which allegedly controls Chancellor, and the directors of Chancellor named as defendants." The plaintiff, defendants, and Chancellor reached a settlement; on March 15, 1999; the Boards of Directors of both Chancellor and LIN decided to terminate the merger. From the announcement of the merger to the settlement of the suit, many interesting transformations shaped the executive branch of Chancellor.

until 1890 when Branly transmitted the first radio waves in France. In 1901 the American Marconi Company, the forerunner of RCA, sent radio signals across the Atlantic. And five years later, "a program of voice and music was broadcast in the United States."

Chancellor's outdoor advertising, not unlike the radio group, competes with other outdoor groups, as well as with other forms of mass mediums. Chancellor's outdoor group competes on location, price, and availability of service. Ultimately, the success of a billboard is determined by the number of impressions it delivers. An impression is measured by the number of people in a DMA that actually see the billboard. The number of impressions a billboard delivers is directly correlated to its advertising appeal.

In 1954, regular color television broadcasts began. And, in 1963 television news "came of age" with the broadcast and reporting of John F. Kennedy's assassination. By 1965, al

Some common words found in the essay are:
Chancellor Media, Telecommunications Act, Steven Hicks, Capstar Broadcasting, Tate Furst, Media Corporation, Evergreen Media, Charles Davis, Chancellor Media's, Germany Advertising, chancellor media, radio stations, hicks muse, muse tate furst, muse tate, tate furst, hicks muse tate, telecommunications act, chancellor media corporation, media corporation, outdoor advertising, lin television, mass media, telecommunications act 1996, june 1 1999,
Approximate Word count = 5071
Approximate Pages = 20 (250 words per page double spaced)