Investment Group Acquiring Clear Channel

Clear Channel Communications Inc., the nation’s largest owner of radio stations, will be sold to a private investment group for $18.7 billion, company officials announced Thursday (Nov. 16). The group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC will purchase the company at $37.60 per share. In addition, the investors will assume approximately $8 billion in debt. Clear Channel also announced plans to sell 448 of its 1,150 radio stations and all 42 stations in its television group. None of the radio stations being sold are located within the nation’s Top 100 markets. According to Country Aircheck‘s Lon Helton, approximately 180 of Clear Channel’s stations are formatted for country music. Of those, approximately 120 will be sold.