Reports Say FCC Has Approved Clear Channel Deal
January 10, 2008 at 11:17 AM (PT)
COMMUNICATIONS DAILY is reporting that the FCC has voted 5-0 to approve the $19.5 billion buyout of CLEAR CHANNEL by BAIN CAPITAL and THOMAS H. LEE PARTNERS. Sources tell the magazine that the approval will be announced before the end of the week and that Commissioner MICHAEL COPPS was the last holdout to agree to the deal.
DOW JONES also says that a source is telling the same story. The deal still requires JUSTICE DEPARTMENT approval, and DOW JONES notes that the buyers still need to assemble about $22 billion of debt, including existing CLEAR CHANNEL debt, to finance the deal and have hired six banks to sell $19.5 billion of loans and $2.6 billion of bonds.