Disney Competitor Clear Channel Exits Television

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Megan Davies reports that radio behemoth Clear Channel, also a competitor to Disney in television broadcasting, is selling its television group.

U.S. broadcaster Clear Channel Communications Inc. said on Friday it will sell its television group to private equity firm Providence Equity Partners Inc. for about $1.2 billion.

The sale comes as Clear Channel’s shareholders consider a nearly $19.5 billion, or $39 a share, private equity buyout offer for the company.

Lots of changes for the company, which also has an outdoor advertising (billboard) business and spun off performance venue company Live Nation.  Clear Channel has been trying to sell of 448 of its 1,150 radio stations, and has reached agreements to sell 161 of them so far.