Clear Channel Communications made two big announcements Thursday. First, the group agreed to be bought by a private equity group led by Thomas H. Lee Partners L.P. and Bain Capital Partners LLC for $18.7 billion, plus the assumption or repayment of $8 billion in debt. Clear Channel shareholders will receive $37.60 per share in cash. Clear Channel can solicit a higher offer until December 7.
Clear Channel also announced yesterday that it's selling all of its 42 TV stations and 448 of its 1,150 radio stations. Collectively, the TV and radio stations made up less than 10% of Clear Channel's revenue last year. The TV stations are located in 24 small- and mid-size markets. The sale of the TV and radio stations is not contingent on the private equity deal.
Clear Channel CEO Mark Mays and President Randall Mays will continue to run the company.