Clear Channel Bought For $18.7 Billion, 448 Radio Stations Up For Sale

Clear Channel Communications

has agreed to be purchased to an investor group for $18.7 billion in cash. The

company has been purchased by an investor group led by private equity firms Thomas

H. Lee Partners and Bain Capital Partners. The

entire landscape of radio may shift, as the company also announced plans to sell

off 448 of its 1, 150 radio stations in 90, smaller markets across the United

States.“Our

decision to divest these broadcast properties was reached as a result of the ongoing

optimization of our diverse portfolio of media assets,” said Mark Mays, Chief

Executive Officer of Clear Channel. “These are profitable and well-managed

properties in excellent markets. We believe that the sale of these stations will

allow us to position our business to provide even greater value to our listeners

and shareholders.”Stations

in large markets like New York (Power 105.1) Los Angeles (Hot 92 Jamz) Chicago

(107.5 WGCI) and Philadelphia (Power 99), are not expected to be sold, or immediately

effected by the purchase.

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