Clear Channel Merges with Thomas H. Lee Partners, Bain Capital Partners


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San Antonio - Nov 16, 2006 - Thomas H. Lee Partners and Bain Capital Partners will acquire Clear Channel in a transaction with a total value of about $26.7 billion, including the assumption or repayment of about $8 billion of net debt. Clear Channel shareholders will receive $37.60 in cash for each share of Clear Channel common stock they hold, representing a premium of about 25 percent over Clear Channel’s average closing share price of $29.99. The merger is subject to the approval of Clear Channel’s shareholders, requisite regulatory approvals and customary closing conditions. Under

Clear Channel also intends to sell 448 radio stations in selected small markets as well as for its TV broadcasting division. Last year, Clear Channel sold 10 percent of its outdoor-advertising unit, Clear Channel Outdoor Holdings, and spun off the concert division, Live Nation.

The merger is subject to the approval of Clear Channel’s shareholders and regulatory approvals. Under the merger agreement, Clear Channel may solicit competing bids from third parties through Dec. 7, 2006, and may negotiate with parties that submit competing proposals by that time until Jan. 5, 2007.



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