San Antonio -- U.S. media firm clear chann said Tuesday shareholders approved a $19.5 billion private-equity buyout nearly a year after it was proposed.

Shareholders approved a $39.20-a-share cash or stock offer from Thomas H. Lee Partners LP and Bain Capital Partners LLC, the San Antonio broadcaster, concert promoter and billboard advertiser said.
The buyers will also assume $8 billion in debt.

Current shareholders will be limited to a combined stake of 30 percent of the new, privately held company, Clear Channel said.

About 98 percent of the shares voted were in favor of the buyout, accounting for more than 73 percent of the total shares outstanding and entitled to vote, Clear Channel said.

Two-thirds of shareholders were needed to approve the buyout.
Major shareholders considered earlier offers of $37.60 and $39 a share too low.

The private-equity offer was first announced in November 2006.
The deal is expected to close by the end of the year, Clear Channel said.

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Copyright 2007 by United Press International.