Clear Channel sought Justice Department approval of its $26.7 bil...
Clear Channel sought Justice Department approval of its $26.7 billion takeover, said a spokeswoman. Monday, the broadcaster filed Hart Scott Rodino paperwork, allowing the department to review the deal, she said. But the company isn’t making the documents public.…
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Hart Scott Rodino rules give the DoJ 30 days to decide if a merger violates antitrust regulations and let the agency request more information to extend the period, wrote Bear Stearns analyst Victor Miller. A 5-0 FCC vote last week for the company’s purchase by two leveraged buyout firms (CD Jan 10 p5) likely prompted Clear Channel’s filing, said Miller, though the FCC hasn’t released the order approving the deal. Miller said Bain Capital and Thomas Lee likely will complete their purchase of the broadcaster between mid-February and mid-March.