
<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, DC 20549

                              __________________


                                   FORM 8-K


                          CURRENT REPORT PURSUANT TO
                          SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


       Date of report (Date of earliest event reported):  April 1, 1997
                                                          -------------



                          Evergreen Media Corporation
                      -----------------------------------
                         (Exact Name of Registrant as
                             Specified in Charter)



                 Delaware                          75-2247099
              --------------                     --------------
              (State or Other                    (IRS Employer
              Jurisdiction of                    Identification No.)
              Incorporation)



                        433 East Las Colinas  Boulevard
                                  Suite 1130
                              Irving, Texas 75039
                      -----------------------------------
                             (Address of Principal
                               Executive Offices)


                                (972) 869-9020
                          --------------------------
                            (Registrant's telephone
                         number, including area code)
<PAGE>
 
ITEM 5.   Other Events.
          -------------

          The purpose of this Current Report on Form 8-K is to summarize a
number of transactions involving Evergreen Media Corporation ("Evergreen" and
collectively with its subsidiaries, the "Company") that have occurred since the
filing of the Company's Annual Report on Form 10-K for the Fiscal Year Ended
December 31, 1996.

          On April 1, 1997, the Company consummated the acquisition of radio
stations WJLB-FM and WMXD-FM, Detroit, Michigan, from Secret Communications
Limited Partnership ("Secret") for an aggregate purchase price of approximately
$168.0 million in cash.  This acquisition was made through borrowings under a
bridge loan agreement, dated April 1, 1997 (the "Detroit Bridge Facility"),
entered into by the Company.  The Detroit Bridge Facility was refinanced through
borrowings under the New Senior Credit Facility (as defined below) and has been
terminated.

          On April 3, 1997, the Company consummated the acquisition of radio
station WQRS-FM, Detroit, Michigan, from Secret for an aggregate purchase price
of approximately $32.0 million in cash.  This acquisition was made through
borrowings under the Detroit Bridge Facility.  Simultaneously on that date, the
Company consummated the exchange of WQRS-FM to affiliates of Greater Media
Radio, Inc. ("Greater Media") in return for radio station WWRC-AM, Washington,
D.C. and payment by Greater Media of $9.5 million in cash.

          On April 4, 1997, Evergreen Media Corporation of Los Angeles, a
wholly-owned subsidiary of Evergreen ("EMCLA") entered into three asset purchase
agreements (the "P&S Agreements") with Pacific and Southern Company, Inc., a
subsidiary of Gannett Co., Inc. ("P&S"), under which EMCLA would acquire radio
stations WGCI-AM and WGCI-FM, Chicago, Illinois, KKBQ-AM and KKBQ-FM, Houston,
Texas and KHKS-FM, Dallas, Texas, for an aggregate purchase price of
approximately $340.0 million in cash (allocated $140.0 million to WGCI-AM and
WGCI-FM, $110.0 million to KKBQ-AM and KKBQ-FM, and $90.0 million to KHKS-FM),
subject to an upward adjustment of up to $10.0 million, depending on the timing
of the consummation of such transactions (the "Gannett Acquisition").  The P&S
Agreements each contained conditions precedent to their effectiveness that the
Company present satisfactory evidence of its ability to finance the acquisitions
to P&S.  The Company satisfied these conditions, and the P&S Agreements became
effective as of April 10, 1997.  On April 10, 1997, EMCLA issued letters of
credit for the benefit of P&S in the aggregate amount of $34.0 million to secure
EMCLA's obligations under the P&S Agreements.  EMCLA has assigned its rights
under the P&S Agreements to Evergreen Media Corporation of Texas, a direct,
wholly-owned subsidiary of Evergreen (but not of EMCLA) ("Evergreen-Texas").
Evergreen expects that Evergreen-Texas will, upon consummation of the Gannett
Acquisition, be a wholly-owned subsidiary of EMCLA.  However, if EMCLA does not
have sufficient borrowing capacity under its New Senior Credit Facility (as
defined below) or otherwise to consummate the Gannett Acquisition, Evergreen-
Texas will remain a subsidiary of Evergreen (but not of EMCLA), and, pursuant to
an alternative financing facility that Evergreen has entered into with certain
lenders, Evergreen will issue its common equity securities for the account of
those lenders if the alternative facility is drawn upon.  The Company presently
expects that it will be able to consummate the Gannett Acquisition by drawing on
the New Senior Credit Facility and that, as a result, Evergreen will not be
required to make any draw under the alternative facility.  Evergreen expects to
consummate the Gannett Acquisition in the third or fourth quarter of 1997.

          On April 25, 1997, EMCLA entered into a Second Amended and Restated
Senior Loan Agreement (the "New Senior Credit Facility").  Toronto Dominion
(Texas), Inc. acts as Administrative Agent for the lenders that are parties to
the New Senior Credit Facility.  Under the New Senior Credit Facility, EMCLA
increased its term and revolving loan commitments to $500,000,000 and
$1,250,000,000, respectively.  Upon consummation of the Agreement and Plan of
Merger, dated February 19, 1997, as amended, among Chancellor Broadcasting
Company, Chancellor Radio Broadcasting Company and the Company, the commitments
for the term and revolver facilities will be increased by an aggregate amount of
at least $400,000,000 and $300,000,000, respectively.  On April 25, 1997, EMCLA
borrowed funds under its New Senior Credit Facility to retire all borrowings
under its prior Senior Credit Facility, to refinance the Detroit Bridge Facility
and to repay in full outstanding amounts under its Amended and Restated Note
Purchase Agreement, dated as of January 17, 1996, between EMCLA and Teachers
Insurance and Annuity Association of America.  EMCLA anticipates that it will

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use additional funds available under the New Senior Credit Facility to
consummate pending acquisitions, including the Gannett Acquisition and the
acquisition contemplated by the Stock Purchase Agreement, dated February 16,
1997, between EMCLA and Viacom International, Inc.

          On May 1, 1997, the Company consummated the acquisition of radio
stations WDAS-AM and WDAS-FM, Philadelphia, Pennsylvania, from Beasley-FM
Acquisition Corp. for an aggregate purchase price of approximately $103.0
million in cash.  This acquisition was made through borrowings under the New
Senior Credit Facility.

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<PAGE>
 
ITEM 7.   Financial Statements, Pro Forma Financial Information and Exhibits.
          -------------------------------------------------------------------


     7(c) Exhibits
          --------

     (p)  2.23      Asset Purchase Agreement dated as of August 12, 1996 between
                            Secret Communications Limited Partnership and
                            Evergreen Media Corporation of Los Angeles (WQRS-
                            FM). (See table of contents for list of omitted
                            schedules and exhibits.)

     (p)  2.24      Asset Purchase Agreement dated as of August 12, 1996 between
                            Secret Communications Limited Partnership and
                            Evergreen Media Corporation of Los Angeles. (See
                            table of contents for list of omitted schedules.)

     (q)  2.26      Asset Purchase Agreement dated September 19, 1996 between
                            Beasley-FM Acquisition Corp., WDAS License Limited
                            Partnership and Evergreen Media Corporation of Los
                            Angeles.

     *    2.34      Asset Purchase Agreement by and between Pacific and Southern
                            Company, Inc. and Evergreen Media Corporation of Los
                            Angeles (re: WGCI-AM and WGCI-FM), dated as of April
                            4, 1997 (see table of contents for list of omitted
                            schedules and exhibits).

     *    2.35      Asset Purchase Agreement by and between Pacific and Southern
                            Company, Inc. and Evergreen Media Corporation of Los
                            Angeles (re: KKBQ-AM and KKBQ-FM), dated as of April
                            4, 1997 (see table of contents for list of omitted
                            schedules and exhibits).

     *    2.36      Asset Purchase Agreement by and between Pacific and Southern
                            Company, Inc. and Evergreen Media Corporation of Los
                            Angeles (re: KHKS-FM), dated as of April 4, 1997
                            (see table of contents for list of omitted schedules
                            and exhibits).

     *    4.10      Second Amended and Restated Loan Agreement dated as of April
                            25, 1997 among Evergreen Media Corporation of Los
                            Angeles, the financial institutions whose names
                            appear as Lenders on the signature pages thereof
                            (the "Lenders"), Toronto Dominion Securities, Inc.,
                            as Arranging Agent, The Bank of New York and Bankers
                            Trust Company, as Co-Syndication Agents, NationsBank
                            of Texas, N.A. and Union Bank of California, as Co-
                            Documentation Agents, and Toronto Dominion (Texas),
                            Inc., as Administrative Agent for the Lenders,
                            together with certain collateral documents attached
                            thereto as exhibits, including Assignment of
                            Partnership Interests, Assignment of Trust
                            Interests, Borrower's Pledge Agreement, Parent
                            Company Guaranty, Stock Pledge Agreement, Subsidiary
                            Guaranty and Subsidiary Pledge Agreement (see table
                            of contents for list of omitted schedules and
                            exhibits).

___________________________

*    Filed herewith.

(p)  Incorporated by reference to the identically numbered exhibit to the
         Company's report on Form 10-Q for the quarterly period ended June 30,
         1996.

(q)  Incorporated by reference to the identically numbered exhibit to the
         Company's Registration Statement on Form S-3, as amended (Reg. No. 333-
         12453).

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                                 SIGNATURES


          Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


               Evergreen Media Corporation



               By:      /s/ Matthew E. Devine
                    -------------------------------
                          Matthew E. Devine
                          Chief Financial Officer


Date:  May 9, 1997


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