SAN ANTONIO – Clear Channel Communications Inc. (NYSE: CCU), a global media and entertainment company whose properties include local radio stations WHJJ-AM, WHJJ-FM, WHJY-FM and WSNE-FM, this week continued its divestiture of radio stations outside the nation’s Top 100 markets.
In November, Clear Channel announced that it would begin to sell 448 stations in 88 markets in order to optimize its media portfolio. To date the company has entered into definitive agreements to sell 362 stations in 72 markets for a total proceeds of $820 million.
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On Wednesday, the company said it has agreed to sell another 201 stations in 38 markets. Revenue will total $489 million.
The transactions are expected to close in the second half of 2007. Clear Channel continues to look for buyers for an additional 86 radio stations in 16 markets.
Meanwhile, on April 20, Clear Channel announced the sale of its television group for about $1.875 billion to Providence Equity Partners Inc. The sale includes 56 TV stations in 24 markets across the United States.
The sales are not tied to the company’s planned merger, announced last year, with a coalition of private-equity groups led by Bain Capital Partners LLC and Thomas H. Lee Partners LP. The transaction is subject to shareholder approval and other customary conditions.
As revised April 18, the merger agreement calls for unaffiliated shareholders to receive $39 per share, rather than the original $37.60 per share. A proposal to increase that amount by another 0.5 percent, to $39.20 per share, was rejected yesterday by Clear Channel’s board of directors.
Industry experts and many of the company’s top shareholders have recommended against the merger, arguing that the current price per share is too low.
Additional information is available at www.clearchannel.com.
