Clear Channel to sell TV group
Clear Channel Communications Inc. said it agreed to sell its 56 television stations to a private equity firm for $1.2 billion.
The San Antonio-based company had announced in November that it would sell the stations, part of a divestiture that included the possible sale of 448 radio stations.
Providence Equity Partners Inc. will acquire the TV stations by the end of the year, pending regulatory approval.
The divestiture plan was announced at the same time Clear Channel disclosed that it agreed to be acquired by investors led by Bain Capital Partners and Thomas H. Lee Partners. The groups this week sweetened their buyout offer to $39 a share, or $19.5 billion, in an effort to win over skeptical shareholders.
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