Clear Channel closer to sale

Clear Channel's nearly $20bn buy-out cleared a hurdle yesterday when the Federal Communications Commission granted its approval to the radio group's sale to two private equity firms. The FCC gave its blessing after Clear Channel agreed to divest itself of 42 radio stations in the top-100 US markets. The sale, to private equity firms Bain Capital Partners and Thomas H. Lee, has come into question in recent weeks because of the fragility of the credit markets and the continued weakness in the radio industry. (Financial Times)