(submission) Clear Channel To Be Bought For $18.7 billion, page 1

The radio giant Clear Channel Communications, the nations largest radio station owner has agreed to be acquired by an investment group for $18.7 billion (€146 billion).

Seattle Times
SAN ANTONIO — Clear Channel Communications, the nation's biggest radio station owner, said today it has agreed to be acquired for about $18.7 billion by an investment group.

The transaction would be one of the biggest deals in which a company has been taken private, and showcases the vast sums that buyout groups have been able to assemble to acquire public companies.

The company said in a regulatory filing that it doesn't expect any senior management changes or significant layoffs. Mark Mays will remain CEO while Randall Mays, his bother, will stay on as chief financial officer. Their father Lowry Mays, the chairman, will continue to have an active role, the company said.

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This is a very interesting deal, as it is not everyday that a company this large is purchased.

I can only assume that the investors and other groups and individuals who are purchasing it see something to be gained that other people don't.

It will be interesting to see how this may effect the further transmission of the radio and television channels that Clear Channel runs.

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[edit on 2006-11-17 by wecomeinpeace]