FCC to Green Light $19.5 Billion Sale of Clear Channel
Recent reports indicate that American media giant Clear Channel is set for a merger with a private investment group.
The FCC appears set to give its approval to Clear Channel’s (NYSE: CCU) $19.5 billion sale to two private equity firms. Citing an agency official, AP reports that the official announcement will likely come next week. At one point, there had been concerns over certain ownership restrictions that might have prevented approval. Buyers Thomas H. Lee Partners and Bain Capital Partners are still waiting on the DOJ to give it its blessing. The market harbors some doubt as to whether the deal will ultimately get done— Clear Channel shares are still about 10 percent below the sale price.
The Federal Communications Commission has cleared Clear Channel Communications' plans to merge with an investment group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC, according to several media reports.
Clear Channel (NYSE: CCU) executives in San Antonio, where the company
is headquartered, have said previously that they expect the deal to
close sometime in the first quarter. Clear Channel shareholders have
already agreed to approve the transaction with the private group,
accepting its offer of $39.20 a share.