Clear Channel Sale Is Gaining Momentum

CLEAR CHANNEL SALE IS GAINING MOMENTUM
[SOURCE: Wall Street Journal, AUTHOR: Dennis K. Berman dennis.berman@wsj.com and Sarah McBride sarah.mcbride@wsj.com]
Strong momentum was building last night for a final plan to clinch the $19.4 billion sale of Clear Channel Communications Inc. to a duo of private-equity firms. Major shareholders Highfields Capital Management and Fidelity Investments were expected to be on board with a new buyout proposal brought forward last week. This proposal would sweeten the offer for the San Antonio media-and-entertainment company by 20 cents a share, to $39.20. The deal also offers current shareholders a chance to own as much as 30% of the newly constituted Clear Channel, which would be majority-owned by Bain Capital and Thomas H. Lee Partners. The shareholders' support for the plan clears the way for a deal that has endured months of contention among shareholders, the company's management and the private-equity firms, which had originally hoped to strike a deal at $37.60 per share late last year.
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