Clear Channel For Sale

After bids to purchase Clear Channel Communications were supposedly due at noon yesterday, two bids were submitted late last night, according to the New York Times. One group making a play for Clear Channel consists of Blackstone Group LP, Kohlberg Kravis Roberts & Co. and Providence Equity Partners, while the other is made up of Bain Capital, Texas Pacific Group and Thomas H. Lee Partners.

The exact offers were not disclosed, but the bids were expected to be worth $36 to $37 a share, which would value Clear Channel at about $18 billion. As reported yesterday, the Blackstone team is considered the frontrunner because it was the first to approach Clear Channel. Despite the offers, it was still unclear last night whether the Mays family would definitely sell the Clear Channel business, which they built. It is possible that they could decide to continue running the company if the bids are not high enough. The board is expected to quickly review the bids and reach a decision as early as this week, says the Times.