On Thursday, Clear Channel Communications 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.
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