Clear Channel Buys Back Stake

SAN ANTONIO, TX (CelebrityAccess MediaWire) — Dallas-based private equity firm Hicks Muse Tate & Furst is completely exiting its investment in Clear Channel Communications Inc. by selling its 7-percent stake in the company.

San Antonio-based Clear Channel has agreed to buy back 5.7 million of its common stock from Hick Muse for about $180 million. The firm also sold 16.8 million shares to Citigroup Inc. for an undisclosed amount, according to the San Antonio Business Journal.

The firm will distribute the remainder of its 37.6 million shares of CCC stock directly to its investors.

Billionaire and former company Chairman Tom Hicks helped build radio conglomerate AMFM Inc., which merged with Clear Channel in 1999. –by CelebrityAccess Staff Writers