CC Shareholder Vote Set For Tomorrow
July 23, 2008 at 5:13 AM (PT)
It's been 20 months since the announcement of a deal that would take SAN ANTONIO-based CLEAR CHANNEL COMMUNICATIONS private.
Now the $17.9 billion deal for the nation's largest owner of radio stations is finally set to close a week from TOMORROW (7/31). That's if shareholders approve the $36-per-share offer THURSDAY. Regulators have already signed off on the deal, in which private equity firms BAIN CAPITAL and THOMAS H. LEE PARTNERS would assume about $5.9 billion in debt.
CLEAR CHANNEL has cut the number of radio stations it owns to about 900 from a height of 1,300. It also sold its television station group this year. Outdoor advertising represents about half of CLEAR CHANNEL's revenue.
Tomorrow's meeting will be held at the WATERMARK HOTEL at 212 Crockett Street in SAN ANTONIO. The special meeting is at 4p local time.