Ackerley To Buy Outdoor-Ad Company By Dec. 31

NEW YORK - Media company Ackerley Group expects to acquire at least one outdoor-advertising company by Dec. 31, said Executive Vice President Christopher Ackerley.

Seattle-based Ackerley recently sold its Miami-area billboard business to Clear Channel Communications for $300 million.

That cash will be used to pay for acquisitions and pay down long-term debt of $395 million, said Ackerley, whose parents, Barry and Gail Ackerley, founded the company in 1975.

"We are going through a discussion process with a seller," he said without being more specific. Ackerley concentrates its businesses in Seattle, New England and upstate New York.

Besides bolstering the company's outdoor-advertising operations, which account for nearly half of its revenue, the company is planning to beef up other businesses next year.

In Seattle, the company owns the Seattle Supersonics basketball team; four radio stations; a television station that reaches into the Vancouver, B.C., market; and the dominant billboard company.

Next year, Ackerley said, the company would like to use those resources to create a regional sports network.

Since the company is selling more billboard space to Internet companies, Ackerley said, it would like an online business to connect content with advertising.

"We believe there's a great opportunity out there," he said.