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Clear Channel investors okay $19.5B buyout

By Times Wires
Published September 26, 2007

SAN ANTONIO, TEXAS

Shareholders of the nation's biggest radio station operator, Clear Channel Communications Inc., gave approval to a $19.5-billion buyout offer from a private-equity group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC. The offer was first announced in November but was sweetened after some large shareholders signaled they would oppose earlier offers. The latest offer was $39.20 per share in cash or stock in what would be a privately owned company. "We are pleased with the outcome of today's vote," CEO Mark Mays said. "We look forward to completing this transaction with T.H. Lee and Bain as quickly as possible."

GAINESVILLE

Floridians' outlook on economy rises

Consumers in the Sunshine State are feeling a little sunnier about the economy, according to a University of Florida study released Tuesday. The university's Consumer Confidence Index ticked up a point in September to 79, with expectations higher for the U.S. economy for the next year and next five years. But confidence will likely drop in the coming months due to rising gasoline prices and the slump in the housing market spreading to other parts of the economy, said Chris McCarty of the university's Bureau of Economic and Business Research.

TAMPA

Lyrical software garners honor

A Tampa company has been honored for a computer program that helps children learn to read, karaoke-style. Electronic Learning Products, which just received the patent for its Tune in to Reading software, won the Wall Street Journal's 2007 Technology Innovation Award for Software. The program assesses students' reading levels, then assigns songs with suitable lyrics. After about a year on the market, Tune in to Reading is used in about 75 Florida schools, with plans to enter Texas, Chicago, New York and New Jersey.

[Last modified September 25, 2007, 23:49:39]