The Federal Communications Commission has approved the buyout of Clear Channel Communications by two private equity firms. But the deal means Clear Channel has to divest 48 radio stations in 42 top markets in America.
The approval from the FCC has taken almost 15 months and means transfer of control from Clear Channel's public shareholders to private equity firms Thomas H. Lee Equity Fund and Bain Capital.
At the time of the buyout request, Clear Channel Communications held 1,172 radio stations across the States.
The buyout still needs approval from the Justice Department.