Clear Channel Closes Deal To Sell More Radio Stations

CLEAR CHANNEL CLOSES DEAL TO SELL MORE RADIO STATIONS
[SOURCE: MediaDailyNews, AUTHOR: Erik Sass]
Clear Channel has closed deals to sell 66 of its smaller radio stations. The sale of 52 stations to Gap Broadcasting, and another 14 to Bicoastal Media, are part of its ongoing push to sell a total of about 450 stations in small and mid-sized markets. The news comes a week after Clear Channel's shareholders voted to sell a majority of their stakes to two private-equity firms: Thomas H. Lee Partners and Bain Capital Partners. Gap Broadcasting, based in Houston, will pick up stations concentrated in Texas. Clear Channel Radio initiated the sale of hundreds of smaller stations to concentrate on its most profitable businesses serving larger markets.
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