Clear Channel sale approved
January 25, 2008
The FCC announced Thursday that they had approved the buyout of Clear Channel Communications by Bain Capital Partners and Thomas H. Lee Partners for $20 billion. According to Reuters CC will divest 42 stations in the top 100 US Markets under this agreement.
Despite the approval, FCC Commissioner Michael Copps and fellow Democrat Jonathan Adelstein have concerns. They worry about the ownership of media outlets by private equity firms saying that it could affect the commission’s “ability to ensure that broadcast licensees protect, serve and sustain the public interest.”
No word on whether any of Clear Channel’s Pittsburgh properties will be sold. CC owns WDVE, WXDX, WWSW, WKST, WPGB and WBGG
