Slashdot Mirror
Clear Channel Goes Private and Streamlined
7Prime writes "Clear Channel Communications Inc., the nations largest radio, billboard, and entertainment outlet, announced their intention this morning to sell the company to a consortium of private-equity firms for over $26 billion. In addition, Clear Channel's TV division, as well as its smallest 448 radio stations would be sold out of the company and will be looking for potential buyers." From the article: "The buyers, led by Bain Capital Partners and Thomas H. Lee Partners, also are bidding for Tribune Co., which owns several newspapers and television stations. That process is ongoing. If Bain and Lee purchase Tribune, they may be forced to sell certain newspapers and television stations to comply with Federal Communications Commission regulations that prohibit one company from owning a newspaper and radio or television station in the same city. The buyers paid $37.60 per share for Clear Channel, the highest price the stock has seen since mid-2004, and a 25 percent premium on the stock's average price in October. The purchase price includes the assumption of about $8 billion in debt."
You know, the LAST time I heard good music on commercial radio was probably 1984. I wouldn't necessarily blame all of the crappy music on Clear Channel. Blame it on the desire to "please most of the people most of the time".
...that this topic is in the 'Politics' section. That may say more about /. than it does about Clear Channel.
In Soviet Russia, Chuck Norris will still kick your ass.
Sounds to me like a case of spontaneous anti-trust. Overall, I think this will be a very good thing for the communications industry. It'll shake things up a bit and hopefully offer some more variety and freshness. That is, of course, unless someone rolls in and buys them all.