The $19.5 billion sale of the company to a group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC has been extended until June 12. The deal had initially been expected to close by year's end but got delayed as the buyers were forced to offer more money to win shareholder approval.

In October, Clear Channel shareholders finally approved the buyout offer, the third in a series made by the equity firms, which faced resistance from several large shareholders.

The private buyout deal was initially announced in November 2006 for $18.7 billion, but the offer was twice sweetened before some large institutional shareholders would agree to vote for the deal.

Clear Channel, which owned 1,150 radio stations at its height, has been trying to divest stations in smaller markets but has had a number of deals fall through. Clear Channel also owns 90 percent of the world's largest outdoor advertising company with roughly 1 million signs worldwide.

Clear Channel Communications Inc.: http://www.clearchannel.com