Shareholders consider Clear Channel buyout, again

But by May 13, the banks, buyers and company settled with the renegotiated price of $36 per share, less than the original offer once shunned as too small.

No one is complaining this time, given worries that the deal would fall apart entirely as the economy continues to hammer the sluggish radio business.

Investors should be satisfied with the share price they're getting, given the industry's performance, said David Bank, an analyst for RBC Capital Markets.

"If you track the performance of the radio sector over the past year, performance of the group has been absolutely dismal," Bank said. "The fundamentals are bad."

Traditional radio, which has struggled for years against the growth of satellite radio and digital music players, is likely to have its troubles exacerbated by the faltering economy.

"Radio faces a really uphill climb," Bank said.

Clear Channel has cut the number of radio stations it owns to about 900 from a height of 1,300. It also sold its television station group this year.

Outdoor advertising, which is more difficult for consumers to avoid when they're stuck in traffic or riding public transit, has been growing. It represents about half of Clear Channel's revenue.

Clear Channel's outdoor business, about 10 percent of which trades as a separate stock and will continue to do so after the buyout, owns roughly 1 million signs worldwide.

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