Prov Equity to Buy Clear Channel TV

Clear Channel Communications (NYSE: CCU) has agreed to sell its 56-station television group to Providence Equity Partners for approximately $1.2 billion. The deal is expected to close in Q4, pending regulatory approval. The sale is not contingent on shareholder approval of a proposed $19.5 billion buyout offer of Clear Channel by Bain Capital and Thomas H. Lee Partners. www.clearchannel.com