Clear Channel Files Sale Papers With FCC
December 15, 2006 at 5:51 AM (PT)
CLEAR CHANNEL COMMUNICATIONS has filed the formal paperwork to the FCC to transfer the company's licenses from the present publicly-traded entity to the new private company for $37.60/common share (about $26.7 billion) plus assumption or repayment of about $8 billion in debt. The stock is being transferred to BT TRIPLE CROWN MERGER CO., held by THOMAS H. LEE EQUITY FUND VI, LP and BAIN CAPITAL (CC) IX, LP, and the resulting compny will asssume the CLEAR CHANNEL COMMUNICATIONS name.
The filing includes ten separate applications covering CLEAR CHANNEL's various radio ownership entities.