San Antonio-based Clear Channel Communications is going private and the FCC has signed off on the $19.5 billion deal. The buyout, by a group headed by Thomas H. Lee Partners LP and Bain Capital Partners LLC, still needs approval from the Justice Department.
TV Newsday reports that all five commissioners approved the deal and a formal announcement with the details of the transfer of the media giant’s broadcast licenses will be revealed next week.
Clear Channel sold of its 35 TV stations for $1.3 billion in December to Newport Television LLC in a separate transaction.