The FCC has given its blessing to the Clear Channel acquisition.
That deal will transfer control of Clear Channel Communications from public shareholders to private equity funds controlled by Thomas H. Lee Partners and Bain Capital.
The FCC rejected two petitions to deny and two informal objections.
Approval was made conditional on certain conditions including divestiture of some stations to the Aloha Trust. Read the commission decision, including details of how the new company board will be structured and the lengthy list of stations affected, here.
Thirty percent of the voting rights in the surviving corporation will be held by current CC shareholders who choose to roll over a portion of their interest.