Private investors buying Clear Channel

SAN ANTONIO — Clear Channel Communications mean anything to you?

It's the largest radio station chain in the country and owns six radio stations in the Youngstown market   —   95.9 KISS-FM, 106.1 WBBG; MIX 98.9; 570 WKBN; 93.3 NCD and 1390 WNIO.

The parent company is being acquired for about $18.7 billion by an investment group.

The transaction would be one of the biggest deals in which a company has been taken private.

An investor group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC is paying $37.60 in cash for each share of Texas-based Clear Channel, a 10.2 percent premium over its closing price on Wednesday. The buyers also are assuming about $8 billion in debt.

Clear Channel’s shares jumped $1.38, or 4 percent, to $35.50 in very heavy trading on the New York Stock Exchange.

Bill Kelly, general manager for Clear Channel in the Youngstown market, said there won’t be any changes locally as Clear Channel becomes a privately held company.

“We’re going to keep doing what we’re doing,” he said.

Clear Channel also said that it plans to sell 448 radio stations in some smaller markets, as well as its 42-station television group. Kelly said the Youngstown area stations are not part of this sale.