FCC OKs Clear Channel buyout

FCC OKs CLEAR CHANNEL BUYOUT
[SOURCE: Associated Press, AUTHOR: John Dunbar]
The Federal Communications Commission has signed off on the $19.5 billion deal that will take the nation's largest radio broadcaster private. Clear Channel is being taken private by a group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC for $39.20 a share. Shareholders already have approved the transaction. An agency official, who asked not to be identified because the approval has yet to be announced, said all five commissioners had approved the deal. A formal announcement spelling out the details of the transfer of Clear Channel's broadcast licenses to the new owner will likely be released next week. The buyout still needs approval from the Justice Department.
http://www.businessweek.com/ap/financialnews/D8U3A0KG0.htm