Clear Channel buyout clears fund raising hurdle

A final agreement has been announced clearing the way for Clear Channel’s buyout by Bain Capital and Thomas H. Lee Partners to move forward.

Under the terms of the revised $17.9 billion deal, the six-bank consortium agrees to put its money into an escrow account until the closing.
CC shareholders still need to give their approval, and, while the deal offers them a lower price than originally offered, they may still support it in the face of declining media revenues in the US.

Clear Channel shares rose on news of the deal.