San Antonio, Texas - Radio giant Clear Channel (NYSE: CCU) announced on Friday that its shareholders have approved its $17.9 billion sale to private equity firms Bain Capital Partners and Thomas H. Lee Partners, with approximately 97% of shares voted cast in favor of the deal. The private equity firms initially offered $37.60 per share back in November 2006, but with the credit market downturn the deal was finalized at $36 per share.

Texas-based Clear Channel currently owns about 900 U.S. radio stations, and also operates an outdoor advertising business that counts around a million billboards worldwide.

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