US-based Clear Channel sells TV group for $1.2b

Clear Channel Communications, the US' largest operator of radio stations, agreed to sell its 56 television stations to a private equity firm for $1.2 billion, an Associated Press report said.

The Associated Press report said company had announced it would sell the stations last November, part of a divestiture that includes the possible sale of 448 radio stations.

So far, the company has reached agreements to sell 161 radio stations for a total of about $331 million, the company said.

Clear Channel owns more than 1,100 radio stations nationwide and plans to retain about 675, mostly in larger markets, the report said.

The divestiture plan was announced at the same time the company first disclosed that it agreed to be acquired by a group of private equity investors, led by Bain Capital Partners and Thomas H. Lee Partners, the report said.