Clear Channel might be sold

Considering we have so many Clear Channel stations in our area, reading this news, Clear Channel shareholders to vote on buyout made me wonder what if any affect this would end up having on the Toledo market.

The offer from a private equity group led by Thomas H. Lee Partners and Bain Capital Partners was first announced last November but was sweetened several times after some large shareholders signaled they would oppose earlier offers.

The latest offer of $39.20 per share in cash or stock has appeased at least some of the big holdouts against what could become a privately owned company. Current shareholders also could end up with as much as 30 percent of the new company.

Those who choose to keep shares in the new company will be issued shares expected to trade over-the-counter, but the shares will not be listed on any major exchange, according to company filings made last month with the Securities and Exchange Commission.

The buyers will also assume $8 billion in debt.