CLEAR CHANNEL Sells It's TV Stations

(From Cynopsis)

CLEAR CHANNEL COMMUNICATIONS will sell its 56 television stations and affiliated web sites to Rhode Island-based PROVIDENCE EQUITY PARTNERS INC. to the tune of
$1.2 billion.

The deal is expected to close in fourth quarter this year.

The stations are located in 24 states and include ten CW, eight FOX, seven NBC, six ABC, six CBS, four MY NETWORK TV, two NBC WEATHER PLUS, two TELEMUNDO, five independent stations and six stations affiliated with Clear Channel's VARIETY TELEVISION NETWORK (VTV) as well as 18 digital multicast stations.

The transaction also involves the sale of CLEAR CHANNEL's TELEVISION OPERATIONS CENTER and INERGIZE DIGITAL MEDIA which runs the group's online and wireless components.

Elsewhere, Clear Channel announced it will sell 161 of its
448 radio stations in 34 markets and this transaction is expected to yield $300 million.