In addition to the local classic rock powerhouse, Clear Channel Communications Inc. owns local alternative rock station WRZX-FM 103.3 and WNDE-AM 1260, which broadcasts a sports format. Clear Channel is headquartered in San Antonio, Texas.
Leading the buyout group are T.H. Lee Partners L.P. and Bain Capital Partners LLC, both private equity firms.
"We are pleased with the outcome of today's vote," said Clear Channel CEO Mark Mays. "We look forward to completing this transaction with T.H. Lee and Bain as quickly as possible."
The deal is the largest leveraged buyout in the history of the media industry.