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The company's new name is intended to reflect its growing digital business.
Lee Partners and Bain Capital Partners for .7 billion, which was just under a 10 percent premium above its closing price of .36 a share on November 16 (the deal values Clear Channel at .60 per share).
When the Telecommunications Act of 1996 became law, the act deregulated media ownership, allowing a company to own more stations than previously allowed.
Clear Channel went on a subsequent buying spree, purchasing more than 70 other media companies and individual stations.
In a separate transaction also announced on November 16, 2006, Clear Channel said it would seek buyers for all of its television stations and 539 of its smaller radio stations, presumably because the private-equity buyers are not interested in owning television or small-market radio.
Over a hundred stations have already been assigned to Aloha Station Trust, LLC upon the consummation of the merger.