I wonder what this means?...

[Up N Here]

Clear Channel Sold for $19 Billion

Clear Channel Communications Inc., the No. 1 U.S. radio station company, accepted a $19 billion takeover offer from a private equity group.
Thursday, November 16, 2006


United Press International

Clear Channel Communications Inc., the No. 1 U.S. radio station company, accepted a $19 billion takeover offer from a private equity group.

A consortium that includes Bain Capital Partners LLC and Thomas H. Lee Partners LP outbid a rival private equity group by offering $37.50 per share in an all-cash proposal, Clear Channel said Thursday in a news release. Including debt assumption the value of the definitive deal rises to $26.7 billion.

The price marks a premium of about 25 percent over Clear Channel's average closing share price of $29.99 during the 30 trading days ended Oct. 24, the day before the company acknowledged it was for sale.

Separately, Clear Channel is seeking buyers for 448 radio stations in selected small markets as well as for its television broadcasting division. The Bain Capital deal, a leveraged buyout, is not conditioned on the consummation of any of these sale transactions.

Besides radio stations, Clear Channel runs a large outdoor advertising business.

[Airencracken]

Hopefully the return of somewhat good radio.

[Jeffbx]

I'm not holding my breath on that one.

My predicion is the same programming, but a shift in advertising & PR promotions for whatever other interests this equity group has. ClearChannel isn't about entertainment, it's about having a monopoly on the airwaves in every major city in the US. That's one powerful tool.

[CourtJester]

I agree! They will try to increase ad revenue to turn a profit at the expense of the listener and concert goer (remember they are also into concert promotion!