Justice Department Approves Clear Channel Buyout
WASHINGTON (AP) – The Justice Department will allow two private-equity firms to go ahead with a $19.5 billion buyout of Clear Channel Communications, the largest operator of radio stations in the United States.
To address competition concerns, the agency is requiring Bain Capital and Thomas Lee Partners to sell radio stations in Cincinnati, Houston, Las Vegas and San Francisco.
The Federal Communications Commission’s earlier approval of the deal was contingent on San Antonio-based Clear Channel selling radio stations in 42 markets.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
