Clear Channel Shareholders Vote to Go Private

Clear Channel Communications announced today that, based on a preliminary vote count, Clear Channel shareholders approved the merger agreement with a group led by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P.

The number of shares voted in favor of the transaction represented more than 74 percent of the total shares outstanding and entitled to vote. The preliminary tabulation indicates that approximately 97 percent of the shares voted were cast in favor of the transaction. The parties intend to consummate the merger on July 30, according to a statement.

It's Amazing, as President Bush's presidency winds down, this Texas based company, that has wrecked havoc on the radio industry with its 1200+ stations it owns, will no longer be a publicly traded company. How has it wrecked havoc? Clear Channel has had a great influence on what's played on the radio, the news we hear, and the lack of a commitment to the African American community.