Clear Channel has entered into an agreement to sell its Television Group, which includes 56 stations, to Providence Equity Partners for $1.2 billion. The deal is expected to close in the fourth quarter.
With offices in Rhode Island, New York and London, Providence Equity is a private equity firm specializing in media and communications companies. The firm is partnering with BlueStone Television President/CEO Sandy DiPasquale on its station business.
"This is a rare opportunity to acquire a premier collection of broadcast television stations with strong positions in many attractive markets across the United States," said Providence Equity managing director Al Dobron.
The 56 stations include 10 CW, eight Fox, seven NBC, six ABC, six CBS and four MyNetworkTV outlets, covering 24 markets. DiPasquale called them "well run, quality television stations."
Providence has taken a fancy to broadcasting. It was part of a consortium that bought the
Providence also boasts a prominent figure in media merger circles as one of its media investment advisors, former FCC Chairman Michael Powell.--John Eggerton contributed to this report.