Clear Channel Sale
On Friday, November 17, 2006, Clear Channel announced that it was going private and selling off almost one-third of its radio assets, according to The Washington Post and DHM. The buyers, led by Bain Capital Partners and Thomas H. Lee Partners, agreed to pay $26.7 billion for the company. In a separate transaction also announced on November 16, 2006, Clear Channel said it would seek buyers for all of its television stations and 539 of its smaller radio stations, presumably because the private-equity buyers are not interested in owning television or small-market radio. Over a hundred stations have already been assigned to Aloha Station Trust, LLC upon the consummation of the merger. The television stations were ultimately sold to Newport Television.
On September 25, 2007, the shareholders approved of the buyout, allowing Clear Channel to proceed with being taken private, ending 35 years as a public company.
Read more about this topic: Clear Channel Communications
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