CBS Radio, Clear Channel in radio station swap

CBS Radio, a unit of media company CBS Corp., said Monday it will swap five mid-size market radio stations for two of Clear Channel Communications Inc. large-market stations. The deal, which helps CBS in its attempt to concentrate primarily on large markets, satisfies some Department of Justice conditions related to Clear Channel’s acquisition by Thomas H. Lee Partners LP and Bain Capital Partners LLC Clear Channel was bought by Bain Capital Partners and Thomas H.

Lee Partners in July in a deal valued at $17.9 billion plus $5.9 billion in debt. As part of the transaction, Clear Channel will take CBS Radio’s Seattle, Baltimore and Sacramento, Calif., radio stations as well as two stations in Portland , Ore. CBS Radio will receive two stations in Houston.Shares of CBS added a penny to $8.21 in morning trading.  cbs radio, clear channel

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