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.