Clear Channel to be Acquired For $26.7 Billion

Texas-based Clear Channel Communications, Inc. has agreed to be bought by a private investment group for $26.7 billion in cash and the assumption of debt.

The group is led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC. Clear Channel, which is the United States largest radio station owner and billboard advertiser.

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.”

Thomas H Lee partners also bought Warner Music Group at the end of 2003 when an investor group led by Thomas H. Lee Partners, Edgar Bronfman, Jr., Bain Capital and Providence Equity Partners bought the Warner Music Group From Time Warner and in turn created the World's Largest Privately Held Independent Music Company

Thomas H Lee Partners seem to be a investment company that buy companies trim them up, cut of the waste and then floats them. A throughbred capitalist it would seem.