Clear Channel Sold

(CMJ) The nation's largest radio broadcasting entity, Clear Channel Communications Inc., has agreed to sell the company to a combination of equity firms for $19.5 billion, or $39.20 per share, lead by Thomas H. Lee Partners LP and Bain Capital Partners LLC.

The initial offer was made last November, and was continually sweetened until the shareholders finally agreed to the buyout at a meeting this morning, with 98 percent of shareholders voting in favor.

The company also announced plans to cut off a large chunk of itself, seeking buyers for all of its television stations and 448 of its smaller radio stations. - more on this story

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