Clear Channel accepts offer

Clear Channel owns six radio stations in the region.
SAN ANTONIO (AP) -- Clear Channel Communications Inc. agreed Wednesday to a private equity group's 19.35 billion offer -- an almost 4 percent increase from the group's previous bid that had met with strong shareholder opposition.
The offer of 39 per share plus the assumption of 8 billion in debt raises the price for the billboard and radio company by about 690 million. It came the day before a scheduled vote on a lower offer that was facing strong resistance from several large shareholders.
Clear Channel owns these stations in the region: 95.9 KISS-FM, 106.1 WBBG; MIX 98.9; 570 WKBN; 93.3 NCD and 1390 WNIO.
The new offer now faces a shareholder vote May 8.
Some of the company's largest shareholders, including Fidelity Management & amp; Research, Highfields Capital Management LP and the California Public Employees Retirement System, said they would vote against the original offer of 37.60 per share. The opposing shareholders held a large-enough stake that many believed the deal would fail at that price.