Advisers oppose Clear Channel buyout plan
Shareholder advisory firm Glass Lewis on Monday recommended that investors vote against a planned $19 billion buyout of radio giant Clear Channel Communications, arguing that the company has better options to boost shareholder value. The comment is the latest blow to Clear Channel's planned going-private deal with private-equity firms Bain Capital Partners and Thomas H. Lee Partners after opposition from several large investors. The proposed buyout needs approval from holders of two-thirds of Clear Channel shares at a March 21 shareholder vote. Thomas H. Lee is part of a consortium that owns the Nielsen Co., corporate parent of The Hollywood Reporter.