The US Justice Department has told media giant Clear Channel it must sell radio stations in four cities to overcome antitrust concerns in order for its takeover by two private equity groups to gain approval. In a statement, the department pointed out that Bain Capital and Thomas H Lee Partners already had interests in media companies with broadcasters in some of the same cities in which Clear Channel owned stations, raising concerns of reduced competition in those markets.
Clear Channel, one of the country’s largest radio station owners, will have to jettison stations in Cincinnati, Houston, Las Vegas and San Francisco to enable the buyout to go ahead. ”The divestitures are required to assure continued competition in markets where the transaction would otherwise result in a significant loss of competition,” the Justice Department said.
(Source: AFP)
