Clear Channel: New Money Flocks to Old Media

Private equity firms buy the broadcaster --and publisher Reader's Digest -- betting there's still life in these venerable franchises

Who's buying old media? Big private equity firms. Clear Channel Communications (CCU) said Nov. 16 that it had agreed to a buyout from an investor group that will pay around $26.7 billion, including the assumption or repayment of $8.0 billion of net debt.

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