Clear Channel Enters into Merger Agreement with Mitt Romney’s Private Equity Group

Mitt Romney’s private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country.

This development is the final stage in a negotiation that has been ongoing for over a year.

The board of directors of Clear Channel has unanimously approved the merger agreement and has resolved to recommend that Clear Channel’s shareholders adopt the agreement. A special advisory committee consisting of disinterested directors unanimously determined the terms of the transaction to be fair.

Mark P. Mays, the Chief Executive Officer of Clear Channel, said, “We are very pleased to announce this transaction which provides substantial value to our shareholders. We look forward to working with Thomas H. Lee Partners and Bain Capital Partners to continue our business plan to provide exceptional programming to our audiences and value to our advertising partners.”

Source: Clear Channel Corporate Website