Clear Channel completes TV assets sale

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U.S. radio operator Clear Channel Communications said on Friday it completed the sale of its television assets to Newport, a company set up by Providence Equity Partners to make the acquisition, for $1.1 billion.

Clear Channel agreed to sell the 56 television stations to Providence in April 2007 for $1.2 billion but the deal faltered amid the market turmoil and was renegotiated to a lower price. Clear Channel itself is in the process of being acquired by private equity firms.
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