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WASHINGTON, DC, April 20, 2007 — Clear Channel Communications, Inc. announced that it has entered into a definitive agreement to sell its Television Group to Providence Equity Partners Inc. for approximately $1.2 billion. The sale includes 35 full power television stations located in 24 markets across the United States. Included in the sale are the stations’ associated web sites, the Television Operations Center, and Inergize Digital Media, which manages the Television Group’s online and wireless initiatives. Covington & Burling LLP served as special communications regulatory counsel to Providence Equity Partners in the transaction, which is expected to close in the fourth quarter of 2007. Clear Channel Communications is a global media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world.
The Covington team included partners Mace Rosenstein and Eric Greenberg and associate Enrique Armijo.