We study 't Hooft's integral equation determining the meson masses $M_n$ in multicolor QCD$_2$. We concentrate on developing an analytic method, and restrict our attention to the special case of quark masses $m_1=m_2=g/\sqrt{\pi}$. Among our results is systematic large-n expansion, and exact sum rules for $M_n$. Although we explicitly discuss only the special case, the method applies to the general case of the quark masses, and we announce some preliminary results for $m_1=m_2$.