Clear Channel Interrupted

Clear Channel's ten-year quest to take over the world -- at least the world of radio -- has ended with shareholder approval to take the firm private at the end of the year.

It's a $19.5 billion buyout and the preliminary vote approved the merger with T.H. Lee Partners and Bain Capital Partners.

The timing was critical because investment money is hard to find these days -- a far cry from 1996 when consolidation was enabled by law. Now the shareholders are in a far more agreeable mood because it's as good a deal as they're going to get.

Back when Clear Channel stock was selling in the $90 range, executives predicted it&hellip