mitt romney & bain capital’s deal will make largest US radio broadcaster private
from 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.
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