Clear Channel Going Private

Clear Channel Communications, Inc. announced plans today to sell its entire 43 station television group and 448 of its 1,150 radio stations as part of its plan to accept a $26.7 billion offer from private equity players Thomas H. Lee Partners and Bain Capital Partners.

Clear Channel says the radio stations for sale are outside of the top 100 Arbitron metros (The Omaha-Council Bluffs metropolitan area is No. 72.) The TV stations are located in 24 small and mid-sized markets throughout the country. Overall, these properties generated less than 10 percent of Clear Channel's revenue last year.

Clear Channel's merger with the two private equity groups is a transaction valued at $26.7 billion, including the assumption or repayment of approximately $8 billion of net debt.

The deal would rank as one of the largest media buyouts ever, surpassing the recent takeover of Spanish-language broadcaster Univision Communications.