Clear Channel Deal Wins Approval | Adweek Clear Channel Deal Wins Approval | Adweek
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Clear Channel Deal Wins Approval

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NEW YORK Clear Channel shareholders Thursday approved the $17.9 billion buyout by Bain Capital and Thomas H. Lee Partners. About 97 percent of the shares voted were cast in favor of the going-private transaction, the radio and outdoor media company said.

The vote was the third since the deal was announced in November 2006.

"We are pleased with the outcome of today's vote," said Mark Mays, chief executive officer of Clear Channel.

Under the terms of the merger agreement, San Antonio-based Clear Channel shareholders will receive $36 cash for each share they own.

The parties intend to close the deal next Wednesday, July 30.

The process has been drawn-out and not without rancor. In May, Clear Channel settled a legal battle with the banks backing the deal after Citigroup and others balked at financing a union at the original $19.5 billion purchase price.

Clear Channel is the largest radio-station owner in the U.S., with about 1,200 AM, FM, shortwave and satellite stations currently in its portfolio. The company sold its TV holdings to Newport Television earlier this year.