Clear Channel Radio Auction Down to the Wire

The auction for Clear Channel Communications, the largest US radio station chain, was down to the wire on Tuesday night as one private equity group pulled out of the race shortly before the company's board met to decide on its fate.

Investment firms Providence Equity Partners, Blackstone Group and Kohlberg Kravis Roberts appeared to be the frontrunners to strike a deal with Clear Channel and its founding family, in a buy-out worth at least $26bn including debt. Wednesday Update on Clear Channel, says 2 finalists emerge.

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