Daily Pulse

Clear Channel Sale Delayed Again

The deal to sell Clear Channel Communications to a partnership of private equity firms has taken another detour.

Instead of closing by the end of the year as hoped, the $19.5 billion sale to the group headed by Thomas H. Lee Partners and Bain Capital Partners has been extended until June 12th.

The delay is reportedly a result of the wrangling over a sale price acceptable to stockholders that stalled the sale for almost a year. It was finally approved in October.

The private buyout deal was initially announced in November 2006 for $18.7 billion, but the offer was twice sweetened before some large institutional shareholders would agree to vote for it.

Clear Channel, which owned nearly 1,200 radio stations at its height, has been trying to sell off stations in smaller markets with limited success.

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