Clear Channel to sell television group for $1.2bln

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Fri Apr 20, 2007 9:58am EDT

(Adds details, NEW YORK dateline_

NEW YORK, April 20 (Reuters) - U.S. broadcaster Clear Channel Communications Inc. (CCU.N) said on Friday it will sell its television group to Providence Equity Partners Inc. for about $1.2 billion.

The sale comes as Clear Channel considers a nearly $19.5 billion private equity buyout offer for the company. Bidders Thomas H. Lee and Bain Capital raised their offer for the company earlier this week, though it is unclear whether it will persuade enough shareholders to support the deal.

Clear Channel will sell to Providence Equity 56 television stations located in 24 markets across the United States, as well as their related Internet sites and wireless projects. The deal is expected to close in the fourth quarter, subject to regulatory approval.

The television group includes 10 CW stations, eight Fox stations, seven NBC stations, six ABC stations and six CBS stations, among others, the company said.

Clear Channel also said it continues to pursue the divestiture of 287 radio stations in 54 markets. The company has already reached agreements to sell 161 of its radio stations in 34 markets for a total of $331 million.

(Additional reporting by Sayantani Ghosh in Bangalore)

((Reporting by Michele Gershberg, editing by Dave Zimmerman; Reuters Messaging: michele.gershberg.reuters.com@reuters.net; E-mail: michele.gershberg@reuters.com; +1-646-223-6185))

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