Three weeks.
That’s how long it took radio giant Clear Channel Communications Inc. to accept the third-largest buyout offer ever in the U.S., after announcing in late October that it was considering “strategic alternatives.”
After three weeks of consideration, Clear Channel Communications, the nation's biggest radio station operator, has accepted a $18.7 billion buyout offer from Thomas H. Lee Partners LLC and Bain Capital Partners LLC. In addition to paying $37.60 in cash for each Clear Channel share, the buyers will assume an additional $8 billion in debt. Clear Channel benefited greatly from the loosening of media ownership rules, which allowed more radio stations to be held by a single owner in each market.
November 17, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Three weeks.
That’s how long it took radio giant Clear Channel Communications Inc. to accept the third-largest buyout offer ever in the U.S., after announcing in late October that it was considering “strategic alternatives.”
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