Private Equity Firms Scoop Up Clear Channel for $18.7 Billion
17th Nov 2006, 08:13 GMT
Two private equity firms have agreed to buy Clear Channel Communications for US$18.7 billion, ending weeks of speculation about the sprawling radio network's fate, including rumors of interest from Google. Clear Channel said Thursday it would be acquired by Thomas H. Lee Partners and Bain Capital Partners, two giant Boston-based equity and buyout firms. The total value of the deal is around $26.7 billion, which includes the assumption of some $8 billion in debt that has been weighing down Clear Channel's balance sheet. TechNewsWorld Spotlight on Security Now Available. Register here and receive your copy today!
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