Radio giant Clear Channel to be bought for $18.7 billion
The company has been purchased by an investor group led by private equity firms Thomas H. Lee Partners and Bain Capital Partners.
The entire landscape of radio may shift, as the company also announced plans to sell off 448 of its 1, 150 radio stations in 90, smaller markets across the United States.
“Our decision to divest these broadcast properties was reached as a result of the ongoing optimization of our diverse portfolio of media assets,” said Mark Mays, Chief Executive Officer of Clear Channel. “These are profitable and well-managed properties in excellent markets. We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders.”
Stations in large markets like New York (Power 105.1) Los Angeles (Hot 92 Jamz) Chicago (107.5 WGCI) and Philadelphia (Power 99), are not expected to be sold, or immediately effected by the purchase.