SAN ANTONIO Shareholders of Clear Channel Communications Inc., the nation s biggest radio station operator, gave their approval yesterday to a buyout by a private equity group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC.
The offer was announced in November but was sweetened after some large shareholders signaled they would oppose earlier offers.
The latest offer was $39.20 a share in cash or stock in what would be a privately owned company. The buyers will also assume $8 billion in debt.
Clear Channel owns AM and FM stations in Toledo.