San Antonio, Texas - Radio broadcaster Clear Channel (NYSE: CCU) has announced its sale to private equity firms Bain Capital Partners and Thomas H. Lee Partners, for $17.9 billion or $36 per share -- ending litigation between Clear Channel, the private equity firms and a consortium of banks funding the deal. The original value of the deal was $39.20 per share in October 2007, but the banks involved later got cold feet in light of the current credit climate, and the private equity firms sued to enforce the agreement.

Under the terms of the current deal, shareholders will have the option of forgoing cash in exchange for an equivalent stake in the new company, CC Media Holdings.

"This revised agreement is a win for our shareholders because it provides them with substantial value and certainty while avoiding the delay and inherent risks associated with complex litigation," said Clear Channel CEO Mark Mays.

"Our shareholders will receive a significant premium over recent stock price levels and can elect to continue to participate in our future upside. Clear Channel's business prospects will be enhanced further through an improved capital structure that includes a lower debt load."

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http://www.clearchannel.com