Clear Channel Buy-out Approaches Last Hurdle

22 May 2007

SAN ANTONIO, Texas: US radio giant Clear Channel Communications has signalled that its agonizing over a $19.6 billion (€14.5bn; £9.9bn) private equity buy-out could soon be over.

The board of directors has accepted a slightly improved offer that will allow shareholders to retain a stake in the company even after it goes private - a sweetener it believes will finally sway the doubters.

A vote on the offer has still to be held, but analysts are quietly confident the deal with Bain Capital Partners and Thomas H. Lee Partners will receive the green light.

Clear Channel, which owns more than 1,100 radio stations and over 150,000 outdoor advertising sites in the US, began to mull its future last fall [WARC News: 27-Oct-07].

Data sourced from Financial Times/Reuters; additional content by WARC staff