Alexa
  • Directory of Taiwan

US Justice Department approves Clear Channel buyout on condition it sell 4 radio stations

US Justice Department approves Clear Channel buyout on condition it sell 4 radio stations

The U.S. Justice Department on Wednesday allowed two private-equity firms to go ahead with a $19.5 billion (euro13.4 billion) buyout of Clear Channel Communications, the largest operator of radio stations in the United States.
To address competition concerns, the agency is requiring Bain Capital and Thomas H. Lee Partners to sell four radio stations in Cincinnati, Houston, Las Vegas and San Francisco. The firms currently own stakes in other radio broadcasters in those markets, the department said.
Without the sale, "advertisers that rely on radio advertising in the affected cities likely would have faced higher prices," said Thomas O. Barnett, Assistant Attorney General in charge of the Department's Antitrust Division.
The Federal Communications Commission approved the deal to take Clear Channel private last month, contingent on the San Antonio-based company selling radio stations in 42 markets.
Clear Channel grew into a media giant following a 1996 law that eliminated the national limit on how many radio stations a single company may own. It also owns a successful outdoor advertising business, with billboards in high-profile locations like Times Square in New York City and Atlantic City, New Jersey.
The company has previously said it expects the deal to close in the first quarter of 2008.
Shares of Clear Channel fell 5 cents Wednesday to close at $29.49. In after-hours trading, the stock climbed $1.21, or 4 percent, to $30.70.


Updated : 2021-10-24 14:23 GMT+08:00