Clear Channel accepts revised buyout offer

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San Antonio—Clear Channel Communications, which owns radio stations, TV outlets and outdoor advertising displays, said its board of directors has accepted the revised version of a buyout offer from Thomas H. Lee Partners and Bain Capital worth $19.5 billion.

Under the terms of the agreement, Clear Channel shareholders will receive $39.20 per share, up from the previous offer of $39 per share.

Before it can go forward, the deal must be formally approved by a majority of shareholders in a special, still unscheduled vote. If the deal is ultimately approved, Clear Channel would go into private hands.

—Matthew Schwartz

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