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Published: Friday, 7/25/2008

Shareholders approve sale of Clear Channel

SAN ANTONIO As expected, shareholders of Clear Channel Communications Inc. yesterday approved the buyout of the radio-station and billboard company by a group led by private-equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP.

The company said 97 percent of the votes were cast in favor of the $17.9 billion deal, according to a preliminary count.

The deal already has regulatory approval and is expected to close next week.

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