FCC allows sale of Clear Channel Communications

The Federal Communications Commission has approved the sale of Clear Channel Communications, which is shedding itself of many rural radio stations. "It is continuing to divest itself of radio stations in small and mid-sized markets, with plans to eventually trim its portfolio by 450 to around 900, focusing on more valuable properties in larger markets," reports Erik Sass of MediaPost. (Read more)

Clear Channel is being bought by private equity investors, led by Thomas H. Lee Partners and Bain Capital Partners. Lee is also an investor in Cumulus Media, another major radio operator. Bain, also based in Boston, was founded by Mitt Romney, who later became governor of Massachusetts and is now seeking the Republican nomination for president.