At long last, Clear Channel Communications was officially bought out by private equity firms Thomas H. Lee Partners and Bain Capital Partners for $17.9 billion. The former company’s stock ended trading on the New York Stock Exchange at the close on July 30.
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The buyout under the new name CC Media Holdings comes 22 months after it was first announced. Some of the delay was caused by six banks’ refusal to fund the original deal which resulted in lawsuits. The dispute was settled when the parties agreed to lower the purchase price to $36 per share, from the original $39.20.
In Tucson, Clear Channel operates seven radio stations: KRQ 93.7-FM, KNST 790-AM, KOHT 98.3-FM, The Mountain KWMT 92.9-FM, La Preciosa KTZR 97.1-FM, Cool Oldies KWFM 1450-AM and Radio Tejano KXEW 1600-AM.
Clear Channel Outdoor, headquartered in Phoenix, is the major billboard company in Tucson. While the new privately-held CC Media Holdings will continue to be the major shareholder of the outdoor division, it will remain a publicly traded company on the New York Stock Exchange under the symbol CCO.
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