Clear Channel to sell TV group for $1.2 bln

CLEAR CHANNEL TO SELL TV GROUP FOR $1.2 BILLION
[SOURCE: Reuters, AUTHOR: Megan Davies]
Clear Channel said on Friday it will sell its television group to private equity firm Providence Equity Partners for about $1.2 billion. Providence Equity will get 56 television stations in 24 markets across the United States as well as their related Internet sites and wireless projects. The deal is expected to close in the fourth quarter, subject to regulatory approval. Clear Channel said it continues to pursue the divestiture of 287 radio stations in 54 markets, having already reached agreements to sell 161 radio stations in 34 markets for a total of $331 million.
http://www.reuters.com/article/technologyNews/idUSWNAS703520070420

* Clear Channel Sells Its TV Stations for $1.2 Billion
http://www.bloomberg.com/apps/news?pid=20601204&sid=arAJ25YnL.OA

* Behind Clear Channel Stations Sale
Veteran broadcaster Sandy DiPasquale, who will head up the 56 stations that Providence Equity Partners has agreed to acquire from Clear Channel for $1.2 billion, will focus on news, sales and online as he takes over their stewardship.
http://www.broadcastingcable.com/article/CA6435489.html