Clear Channel has agreed to a private equity group’s sweetened $19.35 billion bid, an almost 4 percent increase aimed at mollifying shareholders who think the company is being sold for too little, reports AP. But two of the largest shareholders, Fidelity Management & Research and Highfields Capital Management LP, will continue to oppose the deal even at the higher price, the story says quoting sources.
Clear Channel is selling almost 450 radio stations in smaller markets and its television group, but it will still have about 675 radio stations, most in the largest U.S. markets. It recently signed a deal with Google to help sell ads on its stations.