SAN ANTONIO, Texas: Shareholders at Clear Channel Communications are apparently balking at plans to sell America's biggest radio station operator to a private equity consortium.

The company's largest shareholder, Fidelity Management & Research, is said to be unhappy at the terms of the $18 billion (€13.9bn; £9.1bn) deal agreed with Thomas H. Lee Partners and Bain Capital Partners.

Insiders believe the dissent, which reportedly centers on the valuation of the company's outdoor advertising arm, could still scupper the transaction before its scheduled completion at the end of the year.

Data sourced from Wall Street Journal Online; additional content by WARC staff