- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- Twilight, Inc., A Worldwide Craze
- Oprah to Leave Syndication in 2011
- Sony's E-Reader Shortage and the Digital Book Battle
- Salesforce.com Brings Facebook and Twitter's Social Capabilities to Businesses
- Sumner Redstone's Companies Face Off Yet Again
- Can YouTube Revolutionize Citizen Journalism?
- What MGM's Sale Could Say About Value of Content
- My Exclusive Interview With Bob Iger
- Activision Blizzard's "Modern Warfare 2" Sales Break Records
More Videos
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- Twilight, Inc., A Worldwide Craze
- Oprah to Leave Syndication in 2011
- Sony's E-Reader Shortage and the Digital Book Battle
- Salesforce.com Brings Facebook and Twitter's Social Capabilities to Businesses
- Sumner Redstone's Companies Face Off Yet Again
- Can YouTube Revolutionize Citizen Journalism?
- What MGM's Sale Could Say About Value of Content
- My Exclusive Interview With Bob Iger
- Activision Blizzard's "Modern Warfare 2" Sales Break Records
RSS FEED
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- HP Comes in As Expected; Is It Time to Buy?
- Paul: Audit the Fed
- Wave of Debt Payments Facing US Government
- JAL Slides to Record Low on Bankruptcy Jitters
- Prepare For Large Decline In Stocks, Next Year?
- The Social Media Gaming Threat
- Holiday Travel Outlook
- Gold Will Collapse Like Oil Did in 2008: Charts
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- Obama says Boosting US Jobs is Top Priority
- More Consumers Giving 'Black Friday' the Cold Shoulder
- Prepare For Large Decline In Stocks, Next Year?
- Hewlett-Packard Earnings Rise, Match Guidance
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Why the Dollar Will Likely Stay Weak for Some Time
- Bear, Lehman Execs Weren't Wiped Out by Crisis: Study
Media Money
Text Size 
On Thursday, Clear Channel Communications [CCU
Loading...
()
] shareholders voted to approve the company's sale to a group of private equity investors, led by Bain Capital and Thomas H. Lee Partners.
The company said on Friday that a quick tally of votes indicated that 97 percent of the shares voted were in favor of the transaction. It's been a long haul -- the company and investors entered into a merger agreement in November 2006. Now the deal should be finished by July 30.
This is what Clear Channel has been waiting for--the company's CEO saying they're "pleased with the outcome." Now Clear Channel shareholders will receive $36 in cash for each share of their CCU stock. Now the radio and outdoor media company will no longer be under the scrutiny of Wall Street. With the largest portfolio of radio stations in the U.S., some 1,200, the company, along with the rest of the radio business has been struggling with ad revenues in this economic environment.
But it's still not a sure thing in this credit market. The deal still needs to sell up the debt in the $17.9 billion deal. And then there's the future of the radio industry as a whole, as it faces seemingly limitless new competitors. But for Clear Channel investors at least, they're getting cash on the table.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes