Amid concerns that its shareholders could reject an approximately $19.5 billion private equity buyout, Clear Channel Communications says it will sell its television group to Providence Equity Partners Inc. for about $1.2 billion.

Providence Equity will gain 56 television stations in 24 markets across the U.S., as well as related web sites and wireless projects as a result of the deal, which is expected to close in the fourth quarter, pending regulatory approval.

Clear Channel is also looking to divest its 287 radio stations. It has already reached agreements to sell 161 stations for a total of $331 million.

Bidders Thomas H. Lee and Bain Capital raised their offer for the company earlier this week, though it is unclear whether it will persuade enough shareholders to support the deal.

Clear Channel Communications, the largest U.S. radio broadcaster, said Friday that it's agreed to sell its 56 television stations to private-equity firm Providence Equity Partners Inc. for about $1.2 billion.

The sale comes as San Antonio-based Clear Channel is seeking shareholder approval for a deal that would allow a consortium led by private-equity firms Bain Capital and Thomas H. Lee Partners to take the media giant private for $19.4 billion. Some observers believe that sale price, a higher bid than the consortium's original proposal, may still not be sufficient to please some high-profile shareholders.

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