Clear Channel sets assets sale deadline
EmptyNEW YORK -- Clear Channel Communications Inc. has set a deadline of Feb. 23 for bids for the radio assets it has put up for sale, the company and the broker selling the assets said Wednesday.
The largest U.S. radio operator said last year it aimed to sell 448 of its 1,150 radio stations, as well as its 42-station television group by the end of June, as it struck an $18.7 billion deal to be taken private.
Interest in the radio stations has been strong with potential buyers expressing interest in snapping up the radio assets as a whole, as well as individual stations, a source familiar with the situation told Reuters a week ago.
Frank Kalil, president of Kalil and Co. Inc., which buys and sells radio and television stations and was retained by Clear Channel to sell the radio stations, said Clear Channel had set a deadline for bids of noon CT on Friday, Feb. 23.
A spokeswoman for Clear Channel confirmed the date.
David Bank, an analyst at RBC Capital Markets, has estimated the radio assets could go for $2 billion to $3 billion in total.
Clear Channel is being bought in a $18.7 billion buyout by the Texas-based Mays family, which built up the company, and equity firms Thomas H. Lee Partners LP and Bain Capital Partners LLC.