fcc ok’s clear channel buyout

mitt romney & bain capital's deal will make largest US radio broadcaster private
fcc ok's clear channel buyoutfrom ap: The Federal Communications Commission has signed off on the $19.5 billion deal that will take the nation's largest radio broadcaster private, an agency official said Thursday.

San Antonio-based Clear Channel Communications Inc. grew into a media giant and punching bag for foes of media consolidation following a 1996 law [ed: thanks clinton!] that eliminated the national limit on how many radio stations a single company may own.

Clear Channel is being taken private by a group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC for $39.20 a share. Shareholders already have approved the transaction.

An agency official, who asked not to be identified because the approval has yet to be announced, said all five commissioners had approved the deal.

A formal announcement spelling out the details of the transfer of Clear Channel's broadcast licenses to the new owner will likely be released next week.

The buyout still needs approval from the Justice Department.

flashback: mitt romney to buy clear channel