The nation's biggest radio station owner agrees to be taken private for about $18.7 billion.
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Clear Channel Communications, the nation's biggest radio station owner, agreed today to be acquired by an investment group for about $18.7 billion.
Clear Channel (CCU, news, msgs) owns or operates 1,150 radio stations and is the largest operator of radio stations in the country.
It also owns a majority of Clear Channel Outdoor, the outdoor-advertising segment that sells billboard and bus-stop ads.
The transaction would be one of the biggest deals in which a company has been taken private, and showcases the vast sums that buyout groups have recently been able to assemble to acquire public companies.
Clear Channel said the deal calls for a group led by the investment firms Thomas H. Lee Partners and Bain Capital Partners to pay $37.60 in cash for each share of Clear Channel common stock. That is a 10.2% premium over its closing price on Wednesday.
The buyers are also assuming about $8 billion in debt in the deal.
Clear Channel shares climbed nearly 4% in midmorning trading in New York.
Clear Channel announced in late October that its board of directors was evaluating "strategic alternatives to enhance shareholder value."
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Article Tools
Clear Channel Communications, the nation's biggest radio station owner, agreed today to be acquired by an investment group for about $18.7 billion.
Clear Channel (CCU, news, msgs) owns or operates 1,150 radio stations and is the largest operator of radio stations in the country.
It also owns a majority of Clear Channel Outdoor, the outdoor-advertising segment that sells billboard and bus-stop ads.
The transaction would be one of the biggest deals in which a company has been taken private, and showcases the vast sums that buyout groups have recently been able to assemble to acquire public companies.
Clear Channel said the deal calls for a group led by the investment firms Thomas H. Lee Partners and Bain Capital Partners to pay $37.60 in cash for each share of Clear Channel common stock. That is a 10.2% premium over its closing price on Wednesday.
The buyers are also assuming about $8 billion in debt in the deal.
Clear Channel shares climbed nearly 4% in midmorning trading in New York.
Clear Channel announced in late October that its board of directors was evaluating "strategic alternatives to enhance shareholder value."
