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Clear Channel sells TV stations, including two in Little Rock Saturday, Apr 21, 2007 By Jason Wiest Arkansas News Bureau LITTLE ROCK - Clear Channel Communications Inc. announced Friday it would sell its television group, which includes Fox and CW affiliates in Little Rock, to a private equity firm for $1.2 billion. Providence Equity Partners will purchase the television group, which includes 56 television station in 24 markets and the associated Web sites. The deal is subject to shareholder and regulatory approval, and is expected to close in the fourth quarter of this year, according to Clear Channel. The Little Rock stations included in the deal, KLRT-Fox 16 and KASN-CW 38, employ more than 100, Fox 16 general manager Chuck Spohn said. Spohn said he did not know of Providence's future plans for the Little Rock stations. "I would assume during the course of the next four to six months we'll be learning more about that agenda," Spohn said. "From my understanding, though, their philosophy is similar to the philosophy we operate under." Headquartered in Providence, R.I., with offices in New York and London, Providence Equity Partners specializes in equity investments in communications and media companies around the world and targets companies with compelling growth opportunities, according to its Web site. The firm holds majority stock positions in several well-known companies, including motion picture giant MGM, the Hallmark Channel and Univision. It was also a founding investor in Western Wireless, which was acquired by Alltel in 2005. Former FCC chairman Michael Powell is a senior director at Providence. |
