In a statement today, Clear Channel Communications Inc. said that it agreed to sell its 161 radio stations to unidentified buyers for about $331 million. They also said that they will sell its 56 television stations to Providence Equity Partners Inc. for $1.2 billion. All of this is in preparation for being taken private.
The company decided to accept an offer to be taken private when share buybacks and assest sales didn't get the share price to move up.
Thomas H. Lee Partners LP and Bain Capital Partners LLC increased their offer this week, bidding it up to $19.4 billion, which was accepted.
"It sounds like it was a good buy and a good sell," Frank Boyle, owner of Frank Boyle & Co., a radio and TV broker in Stamford, Connecticut, said of the TV deal. 
"I don't know if Clear Channel could have expected more."
Some sharholders do plan on fighting the offer as Highlands Capital Management and Fidelity Investments say they'll vot against it in the upcoming May 8 meeting.
The company says they will focus on the larger markets they currently serve.
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