The board of the nation’s largest radio station operator on Friday accepted an offer from private equity buyers with a slightly higher price and a rare opportunity for shareholders to continue owning a stake in the company even after it goes private. The board and the buyer’s group have faced stiff resistance from several large shareholders who didn’t think earlier offers were enough.

Cerberus

Last week’s announcement that Daimler would sell most of Chrysler to the private equity firm likely means the United Auto Workers union will face even deeper demands for givebacks as the automakers try to pare costs to compete with Honda and Toyota. Cerberus Capital Management LP is seen wielding a big bat when it comes to the bargaining.

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