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Federal Communications Commission members have approved the buyout of Clear Channel Communications Inc., which owns WFBQ-FM 94.7 and two other Indianapolis radio stations, according to a report in The Wall Street Journal.
The newspaper said a formal announcement could follow within a week, although the FCC wouldn’t comment.
Leading the group acquiring San Antonio-based Clear Channel are T.H. Lee Partners L.P. and Bain Capital Partners LLC, both private equity firms.
In addition to the local classic-rock powerhouse, Clear Channel owns local alternative rock station WRZX-FM 103.3 and WNDE-AM 1260, which broadcasts a sports format.
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