Clear Channel Unloads TV Unit

Providence Equity Partners will buy the division for $1.2 billion.
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Clear Channel Communications

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reached a deal to sell its television division to the private equity firm Providence Equity Partners for roughly $1.2 billion.

The sale includes 56 television stations in 24 markets. Clear Channel expects net proceeds from the deal will total $1.1 billion.

San Antonio, Texas-based Clear Channel is in the process of being acquired by a group led by Thomas H. Lee Partners and Bain Capital. Earlier this week, the firms

boosted their bid to $39 a share from the previous $37.60 amid shareholder discontent over the purchase price.

The sale of the TV division isn't contingent on the company buyout being completed.

At the time the sale was announced in November, Clear Channel said it planned to sell the TV group and 448 radio stations.

Clear Channel said Friday that to date it has sold 161 of the stations for a total of about $331 million. It continues to pursue the sale of the other 287 stations.