Clear Channel ended its nearly two-year quest to become a private company today with the announcement that it had completed a merger with a corporation formed by private equity firms Bain Capital Partners and Thomas H. Lee Partners. According to a company press release, the total transaction was valued at around $24 billion. The deal was finally approved by shareholders at special meeting on July 24. Company shareholders can accept either $36.00 in cash, without interest, or one share of CC Media Class A common stock for each share of Clear Channel common stock held. 

“Today is a great day for our loyal and patient shareholders," said CEO Mark Mays in the release. Certainly the Mays family, the company's largest shareholders, are no exception. CC's stock will stop trading on the New York Stock Exchange at the end of today. The company--and the rest of the radio business--will never be the same. Whether this move improves the quality remains to be seen, but it is unlikely that Clear Channel or any other radio group will dominate for a long time going forward.