Clear Channel (Borg) Completes Merger

[Force Commander]

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CLEAR CHANNEL COMMUNICATIONS, INC. has announced the completion of the protracted and at times bumpy $24 billion merger with CC MEDIA HOLDINGS, INC., formed by a private equity group co-led by BAIN CAPITAL PARTNERS, LLC AND THOMAS H. LEE PARTNERS, L.P.

The merger, approved last week (NET NEWS 7/24) brings CLEAR CHANNEL shareholders either $36.00 in cash, without interest, or one share of CC MEDIA Class A common stock for each share of CLEAR CHANNEL common stock held. CLEAR CHANNEL common stock will cease trading on the NEW YORK STOCK EXCHANGE at market close on JULY 30th, and will no longer be listed.

CLEAR CHANNEL CEO MARK MAYS said, "Today is a great day for our loyal and patient shareholders and, importantly, puts our company in the financial and operational position to continue to lead beneficial change in both of our core businesses. We are deeply grateful to our loyal employees who have remained focused and generated terrific results through their hard work and dedication."

THOMAS H. LEE co-President SCOTT SPERLING, said, "We are pleased to have closed the acquisition of CLEAR CHANNEL in partnership with BAIN CAPITAL PARTNERS, the CLEAR CHANNEL management team and major public shareholders such as HIGHFIELDS CAPITAL MANAGEMENT and ABRAMS CAPITAL. CLEAR CHANNEL's strong leadership position in the radio and outdoor advertising business provides advertisers with an unparalleled platform from which to cost effectively reach their target audiences locally and nationwide. We look forward to working with our management partners to continue building this great company."

BAIN CAPITAL Managing Director JOHN CONNAUGHTON added, "We are very happy to have completed the purchase of CLEAR CHANNEL. We continue to be impressed with the company's strong management team and its leadership position across its markets and media formats."