SAN ANTONIO (CelebrityAccess MediaWire) — Clear Channel communications has pushed back the date to complete a pending merger agreement to June 12 of next year.
The leveraged buyout by the firm by CC Media Holdings, a front-company for private equity firm Bain Capital Partners, had been announced in September but it appears that Clear Channel still has some regulatory hurdles to clear before the agreement can be consummated.
The deal has been making the rounds in the blogosphere, in large part due to the fact that it was founded, in part by current GOP presidential candidate Mitt Romney. Although Romney is no longer on the board, many observers have suggested that he still has a close financial connection with the fund. The Mays family, led by Clear Channel founder Lowry Mays, has also been a major figure in republican fundraising circles in recent years. – CelebrityAccess Staff Writers