America's biggest radio operator Clear Channel has officially accepted a $19.5 billion buyout offer. The offer was first announced last November but has taken until now to agree the deal with a private equity group.
The latest offer was $39.20 per share in what would be a privately owned company. Current Clear Channel shareholders could end up with as much as 30 per cent of the new company, but the new buyers will also assume $8 billion in debt.
Clear Channel will keep around 675 radio stations, after agreeing to offload 350 to various buyers throughout the previous 10 months. The deal is subject to FCC approval.