Clear Channel Sold in Massive Deal

The New York Times has reported that Clear Channel, the communications giant that owns 1,150 radio stations and ten in the Bay Area, has been sold for $18.7 billion. An investor group comprised of Thomas H. Lee Partners and Bain Capital beat out a rival consortium that included Kohlberg Kravis Roberts, the notorious leveraged buyout firm. As part of the deal, Clear Channel will sell off 448 stations, but as these are all located in small markets, none of the Bay Area properties will be included in the selloff. A Democratic Congress will have to approve the deal, and since Clear Channel is widely perceived as backing George Bush, considerable concessions will have to be made to appease the newly ascendant opposition.

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