So many signs, so little time

Star Tribune Thu, 14 Feb 2008 01:22:21 GMT
Justice Department approves Clear Channel

SAN ANTONIO - The Justice Department on Wednesday approved the $19.5 billion sale of Clear Channel Communications Inc., the largest U.S. operator of radio stations and the world's largest billboard company. The approval of the sale to a group of investors led by private equity firms Bain Capital and Thomas H. Lee Partners is the final regulatory hurdle for a deal that initially struggled to get shareholder approval. ... San Antonio-based Clear Channel grew into a media giant following a 1996 law that eliminated the national limit on how many radio stations a single company may own. But the radio business, which now includes 833 stations, has struggled in recent years as competitors like satellite radio and digital music players have siphoned off listeners and hurt advertising sales. The outdoor sign business has grown, however, with more interest in digital displays and billboards that are harder to skip. The company owns 973,000 outdoor signs worldwide.[emphasis added]

[[keywords: PublicSafety;Metro;]]