Clear Channel Selling Stations To Win Buyout OK

Law360, New York (February 14, 2008, 12:00 AM EST) -- The U.S. Department of Justice will allow a group of private equity investors led by Bain Capital and Thomas H. Lee Partners to buy out Clear Channel Communications, but only if the media conglomerate sells radio stations in four cities.

The DOJ said Wednesday that the transaction as originally proposed would have increased the prices for radio advertisers in Cincinnati, Houston, Las Vegas and San Francisco. Bain and THL already have substantial ownership interests in two of the entertainment heavyweight's competitors, Cumulus Media Partners LLC and...
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