The nation's largest network of radion stations, Clear Channel Communications Inc. (CCU), was bought by a consortium that includes Thomas H. Lee Partners and Bain Captial for $18.7 billion.
Thomas H. Lee Partners and Bain had also been considered to be potential bidders for theTribune Company (TRB), which publishes The Chicago Tribune and The Los Angeles Times and runs television stations; the acquisition of Clear Channel might dampen their interest.
The bid beat out a rival consortium of Providence Equity Partners, the Blackstone Group, and Kohlberg Kravis Roberts & Company. The deal surpasses the recent takeover of Spanish-language broadcaster Univision Communications, which another private consortium bought for $12 billion earlier this year, making it one of the largest media buyouts ever.
Clear Channel puts the total value of the deal at $26.7 billion, including $8 billion in assumed debt. The company's board has unanimously approved the proposed transaction and is recommending that shareholders vote in favor of it.
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