The Federal Communications Commission has signed off on the $19.5-billion deal that will take the nation's largest radio broadcaster private.
An agency official who asked not to be identified says all five commissioners had approved the deal involving Clear Channel Communications Incorporated. Approval has yet to be announced.
The company is being taken private by a group led by Boston-based Thomas H. Lee Partners LP and Bain Capital Partners LLC for $39.20 a share. Shareholders already have approved the transaction.
The buyout still needs approval from the Justice Department. San Antonio-based Clear Channel grew into a media giant following a 1996 law eliminating limits on how many radio stations a single company may own.
A formal announcement spelling out the details of the transfer of Clear Channel's broadcast licenses to the new owner will likely be released next week.
Clear Channel's radio stations include about two dozen in West Virginia and about 30 in Virginia.