Clear Channel Communications, the largest US radio station chain, has agreed to a $26.7bn (£14.13bn) takeover by a private equity consortium led by Bain Capital Partners, LLC and Thomas H. Lee Partners.
The deal follows a long running auction for the media and entertainment company after an announcement last month that the company would “evaluate its strategic alternatives”.
Investment firms Providence Equity Partners, Blackstone Group and Kohlberg Kravis Roberts were all frontrunners in the race to strike a deal with Clear Channel and its founding family.
The deal, which received unanimous approval by Clear Channel’s board of directors, is subject to the approval of shareholders with the company able to accept competing bids until December 7.
In a separate statement, Clear Channel announced plans to sell off 448 of its 1,150 radio station network in 90 selected small markets and its 42-station strong television broadcasting division. The television stations are located in 24 small and mid-sized markets throughout the US. According to Clear Channel, the properties accounted for less than 10 per cent of the company’s revenues last year.
It is not clear how the sale will affect the outdoor business in the UK. Earlier this week, Clear Channel UK appointed Barry Sayer as chief executive. He had been handling the role in an interim basis