Clear Channel Communications said Thursday that it will hold a special meeting for shareholders July 24 to vote on the proposed buyout by a private-equity group led by Bain Capital Partners and Thomas H. Lee Partners. The group has agreed to pay $36 in cash or stock for each share of Clear Channel. The parties expect the merger to close July 30.
Shares of DreamWorks Animation declined 4% on Thursday after UBS analyst Michael Morris cut his rating from "neutral" to "sell," saying the stock overvalues the boxoffice performance of the company's films. Morris said the stock's Wednesday close of $31.09 implies average per-film domestic boxoffice of $202 million, which is above the company's average. The stock lost $1.25 to $29.84.
Electronic Arts has been sued by fans of football-themed video games. Gamers are claiming "blatantly anticompetitive conduct" concerning the way EA "entered into a series of exclusive agreements with the only viable sports football associations in the U.S. — the NFL, the Arena Football League and NCAA Football" — and then raised the price of its "Madden 2006" game by 70%.
Clearwire on Thursday outlined its long-term view of growth for a new high-speed wireless venture with Sprint Nextel, forecasting revenue of more than $17.5 billion by 2017. Sprint and top U.S. cable companies are investing in the venture with Clearwire to build a network based on WiMax.