Clear Channel to sell 56 television stations for $1.2 billion

Clear Channel to sell 56 television stations for $1.2 billion

United States’ largest radio station operator Clear Channel Communications has revealed that they are selling off its 56 television stations to a private equity firm for $1.2 billion.

They had announced their wish to sell off the stations last November. The company is also selling off their radio stations and has already announced deals to sell 161 radio stations for a total of about $331 million.

Clear Channel owns more than 1,100 radio stations nationwide and plans to keep with them just around 675 stations based in major cities in the USA.

Providence Equity Partners would now be acquiring the Clear Channel television stations by the end of the year. They would require the regulatory approval for this deal though.