Mays Family To Remain With Clear Channel Post-Sale
May 22, 2007 at 5:41 AM (PT)
THE LOS ANGELES TIMES reports CLEAR CHANNEL COMMUNICATIONS INC. says the MAYS family would continue to lead the radio broadcaster after its purchase for $19.5 billion by THOMAS H. LEE PARTNERS and BAIN CAPITAL PARTNERS.
Founder and Chairman LOWRY MAYS will continue to serve in the new corporation and plans to invest in the company, SAN ANTONIO-based CLEAR CHANNEL said in a regulatory filing. MARK MAYS will remain CEO, and RANDALL MAYS will continue as President/CFO.
Termination Fees Also Outlined
The regulatory filing also said that CLEAR CHANNEL could be required to pay a $300 million to $500 million breakup fee to a private equity group if its buyout deal with the group is terminated under certain circumstances. The private equity group, led by BAIN CAPITAL and THOMAS H. LEE PARTNERS, could also be required to pay a $300 million to $600 million reverse breakup fee to CLEAR CHANNEL if the merger is terminated, the filing said.