Billboards keep the coffer warm
Two private equity firms, which were previously rejected after an attempted Clear Channel takeover bid, are now back in the running, reports E-Commerce Times.
The Clear Channel board has asked Bain Capital Partners and Thomas H. Lee Partners to increase their proposed per-share price from $39 to $39.20. This is the same amount the firms offered in a follow-up bid last week. At the time, Clear Channel refused to consider the increase out of concern it might delay the process.
The majority of Clear Channel's revenue comes from billboards, a business that has grown with the rise of digital signage. The company is in the process of selling its TV stations and 450 small-market radio stations. It has been courting buyers since last fall, when share prices began to stagnate.
