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Clear Channel's USD19bn takeover receives go ahead
The planned USD19bn takeover of Clear Channel by private equity firms is now set to go ahead, following the approval of the US Justice Department. In a letter, the department cleared the final regulatory hurdle to the deal, on the condition that Clear Channel sells radio stations in four cities - Cincinnati, Houston, Las Vegas and San Francisco. This is because Thomas H. Lee Partners and Bain Capital, which are set to take over the broadcasting group, own stakes in Clear Channel rivals in those cities. The challenge for the two buyers will be to ensure that banks will be willing to finance the deal in spite of difficult financial conditions. Clear Channel's shares have traded by as much as 28% below the purchase price of USD39 a share, says the New York Times.
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