Chancellor Media Corp. has hired BT Alex. Brown Inc., the investment banking subsidiary of Bankers Trust Corp., as a financial adviser.

BT Alex. Brown would advise Chancellor on the sale, merger, or consolidation of the company or of one or more of its divisions.

Chancellor, a Dallas-based media consolidator, owns U.S. companies in radio, television, marketing, and outdoor advertising. It also owns Primedia Broadcast Group Inc., which has eight radio stations in Puerto Rico.

About 27% of Chancellor is owned by the Dallas leveraged buyout shop Hicks Muse Tate & Furst. The rest of the company's equity is publicly held.

BT Alex. Brown has a long-standing relationship with Chancellor, both as an underwriter and as an adviser on many of its deals.

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