Thursday, November 16, 2006

Clear Channel: Under new ownership

Clear Channel Communications Inc. (NYSE:CCU - news), the No. 1 U.S. radio company, has agreed to be acquired by private equity firms Thomas H. Lee Partners (THL.UL) and Bain Capital for nearly $19 billion, a source familiar with the situation said on Thursday.

The bid values Clear Channel, which has about 1,150 radio stations, at $37.60 a share, the source said. Clear Channel shares closed at $34 Wednesday on the New York Stock Exchange.

Two teams of bidders submitted offers for the company, sources previously told Reuters. The other consortium was made up of Providence Equity Partners, Blackstone Group (BG.UL) and Kohlberg Kravis Roberts (KKR.UL).

In a separate announcement Thursday, Clear Channel said it plans to sell 448 of its radio stations, all located outside the top 100 media markets in the U.S., and its 42-station television group.


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