The US DoJ requires divestiture of operations in 4 cities prior to clearing a private-equity investor’s acquisition of a media company, thereby preventing anticompetitive effects in the market for radio stations (Bain Capital / Clear Channel)

Bain Capital LLC (“Bain”), Thomas H. Lee Partners, L.P. (“THL”), and Clear Channel Communications Inc. (“Clear Channel”) entered into a consent decree with the DOJ on February 13, 2008 to close the DOJ’s investigation into Bain and THL’s acquisition of a 70% interest in Clear Channel. The consent decree required Clear Channel to divest radio stations in 4 cities where two other radio station operators, also controlled by Bain and THL, offered competing radio stations. Bain and THL were leaders of one of the preeminent private investment firms, which sought to acquire an aggregate 70% voting interest in Clear Channel, the largest operator of radio stations in the U.S. Bain and THL also held a controlling interest, specifically an aggregate 50% voting interest and the power to elect half of

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Katherine Whitehead Miller, The US DoJ requires divestiture of operations in 4 cities prior to clearing a private-equity investor’s acquisition of a media company, thereby preventing anticompetitive effects in the market for radio stations (Bain Capital / Clear Channel), 29 July 2008, e-Competitions Bulletin Media, Art. N° 53066

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