You will be redirected back to your article in seconds

Clear Channel shareholder against deal

Fidelity plans to veto proposed buyout

Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday.

The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will cast a vote against the deal at a shareholder meeting set for March 21. The person spoke on condition of anonymity because Fidelity hasn’t publicly commented on it’s position.

The offer of $37.60 in cash per share and the assumption of $8 billion in debt, made by an investment group led by Thomas H. Lee Partners LP and Bain Capital Partner LLC, requires two-thirds of shareholders to approve the deal. Those shareholders who fail to vote will be counted as “no” votes.

The offer for the nation’s biggest radio station operator is considered by Fidelity to be “a significant discount to the true value of the company,” said the person familiar with Fidelity’s position.

Fidelity representatives were not immediately available for comment Monday evening.

Clear Channel’s shares fell 79 cents, or 2.1 percent, Monday to close at $36.31 on the New York Stock Exchange.

More Biz

  • Harvey Weinstein Quentin Tarantino

    Quentin Tarantino on Harvey Weinstein: 'I Knew Enough to Do More Than I Did'

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

  • Harvey Weinstein

    LAPD Investigating Rape Claim Against Harvey Weinstein

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

  • Megyn Kelly

    Megyn Kelly Calls on 'Male Titans' to Fight Sexual Harassment Culture: 'Victim Blaming Must Stop'

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

  • Shia LaBeouf Toronto Film Festival

    Shia LaBeouf Found Guilty on Count of Obstruction in July Arrest

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

  • Scrips Discovery Partnership

    A Merger Between Scripps and Discovery Could Be a Smart Fit

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

  • Warner Music Group Logo

    Miles Leonard Leaving Parlophone, Mark Mitchell Named Co-President

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

  • Vogue, Vice Will Team Up in

    Vogue, Vice Will Team Up in Bid to Win Ad Dollars at Omnicom Showcase

    Clear Channel Communications Inc.’s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity’s position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will […]

More From Our Brands

Access exclusive content