Clear Channel merger on track to close in 2008; company to pay quarterly dividend

By Lisa Kerner

Charlotte, N.C., Dec. 4 - The completion of Clear Channel Communications, Inc.'s merger with an affiliate of a private equity group co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners, LP is now expected to close in the first quarter of 2008.

The merger is awaiting Federal Communications Commission consent and the expiration or termination of the Hart-Scott-Rodino waiting period.

Clear Channel said it intends to exercise its right to extend the termination date to June 12, 2008 from Dec. 12.

On Sept. 25, Clear Channel shareholders approved the amended merger deal that gives them $39.20 cash per share. Shareholders will receive an additional per-share consideration if the merger closes after Dec. 31, it was previously reported.

On Monday, the board of directors of Clear Channel declared a quarterly cash dividend of $0.1875 per share on its common stock. Shareholders of record on Dec. 31 will be paid on or before Jan. 15, according to a company news release.

Clear Channel is a San Antonio media company.

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