WASHINGTON DC: US media watchdog, the Federal Communications Commission has reportedly given the nod to a $19.5 billion (€12.8bn; £9.6bn) private equity acquisition of the nation's biggest radio broadcaster.

The deal with Thomas H Lee Partners and Bain Capital Partners still requires approval by the Justice Department but an announcement is expected this week.

Some skeptics remain to be convinced the deal will ever be inked, thanks to the financial turmoil caused by the subprime mortgage crisis.

But Clear Channel is adamant it will be completed in the first quarter of this year.

Data sourced from New York Times; additional content by WARC staff