Wednesday, September 26, 2007
Clear Channel Bought Out By Private Equity Firm
Clear Channel, the largest broadcast radio company in the United States (as well as the owner of a bunch of billboards throughout the US), has agreed to a buyout from a group of private equity firms including T.H. Lee Partners, L.P. and Bain Capital Partners, LLC. The price comes in around $39.20 per share, for a total of $19.5 billion.
By the terms of the merger agreement, shareholders can elect to receive the per share cash price, or exchange some or all of their shares of Clear Channel stock on a one-for-one basis for shares of stock in the new corporation formed by the private equity group.
Source: Clear Channel Press Release