Providence Equity buying Clear Channel TV group

 /
/

SAN ANTONIO and PROVIDENCE – Clear Channel Communications Inc. (NYSE: CCU) has agreed to sell its television group to Providence Equity Partners Inc. for about $1.2 billion, the companies said in a joint announcement today.
Included are 56 television stations in 24 U.S. markets (see list at right) plus the stations’ Web sites, Clear Channel’s television operations center and Inergize Digital Media, which manages the groups online and wireless initiatives.
“This is a rare opportunity to acquire a premier collection of broadcast television stations with strong positions in many attractive markets across the United States,” said Al Dobron, a Providence Equity managing director. “We are pleased to again partner with Sandy DiPasquale to create value at these local broadcasting stations and identify additional potential high-quality television opportunities.”
“These are well-run, quality television stations,” said DiPasquale, a veteran broadcast executive and the president and CEO of BlueStone Television. “I look forward to continuing my partnership with Providence Equity and working with the talented CCTV employees to build on their success integrating broadcast and internet services to serve their communities.”
The deal is expected to close in the fourth quarter, subject to regulator approval and customary conditions. Clear Channel said it anticipates net after-tax proceeds of about $1.1 billion.
San Antonio-based Clear Channel Communications Inc. (NYSE: CCU) is a global media and entertainment company whose properties include local radio stations WHJY-FM, WHJJ-FM, WSNE-FM and WHJJ-AM. Additional information is available at www.clearchannel.com.
Providence Equity Partners Inc. is a $21 billion global private investment firm specializing in media and entertainment, communications and information companies. Additional information is available at www.provequity.com.

- Advertisement -