Clear Channel Sells TV Group To Providence Equity Partners
April 20, 2007 at 5:46 AM (PT)
Commenting on the transaction, CEO MARK MAYS said, "The stations and management of CLEAR CHANNEL TELEVISION have established an outstanding record of achievement, innovation and community service in broadcasting and web development. While we will miss the important role they have played in the CLEAR CHANNEL family, we are excited that they will be partnered with PROVIDENCE EQUITY to continue to pursue growth opportunities in the rapidly changing media environment."
"This is a rare opportunity to acquire a premier collection of broadcast television stations with strong positions in many attractive markets across the United states," said PROVIDENCE EQUITY Managing Partner AL DOBRON. "We are pleased to again partner with SANDY DIPASQUALE to create value at these local broadcasting stations and identify additional potential high-quality television opportunities."
The Television Group currently consists of ten CW, eight FOX, seven NBC, six ABC, six CBS, four My Network TV, two NBC Weather Plus, two Telemundo, five independent stations, and six stations affiliated with Clear Channel’s Variety Television Network (VTV).
CC Declares DividendCLEAR CHANNEL announced today that its Board of Directors declared a quarterly cash dividend of 18.75 cents per share on its common stock. The dividend is payable on JULY 15 to shareholders of record at the close of business on JUNE 30.