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Clear Channel Communications stock holders approved of the plan to take the company private. The $19.5 billion buyout offer is from a private equity group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC.

“We are pleased with the outcome of today’s vote,” Clear Channel Chief Executive Mark Mays said in a released statement. “We look forward to completing this transaction with T.H. Lee and Bain as quickly as possible.”

The shares voted were about 98 percent in favor of the buyout. The new owners also assume $8 billion in debt.

The final offer by the group was $39.20 per share. The deal is expected to close by October.

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