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Clear Channel Communications was a radio broadcaster; Clear Channel Outdoor was out-of-home advertising; and Live Nation was live events.
The Mays family remained in effective control of all three, and held key executive roles in each (with Mark Mays as CEO of both radio and outdoor and Randall Mays as Chairman of Live Nation).
i Heart Media staff, including John Sykes, believed that the deal (particularly the Beatport countdown show) would help provide a higher level of national exposure to current and up and coming EDM artists. Donnelly, left the board of i Heart Communications and will be replaced by Laura A. On Friday, November 17, 2006, Clear Channel announced that it was going private and selling off almost one-third of its radio assets, according to The Washington Post and DHM.
Lee Partners and Bain Capital Partners for .7 billion, which was just under a 10 percent premium above its closing price of .36 a share on November 16 (the deal values Clear Channel at .60 per share).Over a hundred stations have already been assigned to Aloha Station Trust, LLC upon the consummation of the merger.The television stations were ultimately sold to Newport Television.The resulting company would own 830 radio stations, 19 television stations, and over 425,000 outdoor displays in 32 countries.In 2005 Clear Channel Communications split into three separate companies.