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Clear Channel (Finally) Goes Private

G

Gemcityjim

Guest
Clear Channel Communications will be taken private for $19.5 billion by a group led by Thomas H. Lee Partners and Bain Capital Partners, with the acquisition approval based on a preliminary count of shareholder votes in a September 25th ballot.

That would be a far lot less than original 26.7 billion proposed last November.
 
Clear Channel (Finally) Goes Private - more

The buyers will also assume about $8 billion in debt, and are expected to continue hiving off radio stations. In addition to spinning off Live Nation and part of its billboard business nearly two years ago, Clear Channel has since been divesting some of its broadcast operation, including its 56 television stations.

Deals have been reached on more than 350 of what was once an empire of more than 1,200 radio stations. It plans to keep about 675 stations, mostly in larger metro areas.
 
Looks like all the assets will be absorbed into a new company called CC Media Holdings, Inc. Does anyone know when Clear Channel's privitization will be complate?
 
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