Bids Are Expected for Radio Giant (Clear Channel)

[NashVegas]

Two consortiums of private equity firms are expected to submit final bids today for Clear Channel Communications, the nation’s largest radio company, worth about $18 billion, according to people involved in the auction.

...Offers are expected from a group that includes Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Company; and another that includes Bain Capital, Thomas H. Lee Partners and the Texas Pacific Group. Other private equity suitors, including the Apollo Group and the Carlyle Group, and Cerberus Capital Management and Oak Hill Capital Partners, had expressed interest in making bids but have since cooled to the auction.

http://www.nytimes.com/2006/11/13/business/media/13clear.html

[Demeter]

1. Bad Investment

I'll bet money Clear Channel and other media monopolies are broken up and sold off in the near future....of course, if that's the plan these deep pockets guys have, so much the better...

[melm00se]

10. i think

it has more to do with the fact that more and more people are listening to music from some sort of personal player. Couple that with the growth of audio and video streaming on the web and satellite radio, it is probably time to reevaluate a radio investment.

[TayTay]

2. That second group is odd

Bain Capital is Mitt Romney's old venture capital group. Thomas H. Lee Partners is a very blue company and gave (and has given for years) to Democrats. (And two Boston based firms, hmmmmmm.)

I will look up Texas PAcific Group. (They have varied interests that are across industries from food to technology holdings.)

Hmmmmmm.

Texas Pacific Group
David Bonderman: Managing Partner. FEC search: Ovewhemingly a Dem Big Donor
James Coulter: MP: Gave overwhemlingly to Dems, but a couple thousand tossed to Repubs. (Inc McCain in 98)

The other MP, William S. Price III has no record in the FEC.

Ah, root for the middle team.

Bain Capital:
Joshua Bekenstein, founder and Managing Director of Bain, mostly gives to Dems. (Gave to Bush and Kerry in the 03-04 cycle. Covers his bets that's for sure.)
Bain gives across the board. Typical for a big Mass venture capital group.

[station agent]

3. This can only be good

Talk radio can't get worse. What that sound like? I guess they could just be done with it and play Hitler speeches on endless loop 24 hours a day.

Or, maybe they'll try to entertain people.

Maybe even infor a bit...

Nah.

[BootinUp]

7. Clear channel is more than talk radio I thought...

Rock and pop Music stations as well IIRC.

But I too would like to see this family run business sold off and broke up. They have been screwing up radio for the last several years by eliminating competition and exerting control over artists.

[cosmicdot]

9. yes, plus outdoor advertising; television, international radio

outdoor advertising alone breaks down into a number of categories for message control such as mall advertising, taxi media, roadside billboards, transit shelters, airports, etc.

http://www.clearchannel.com

list of 'other' businesses http://www.clearchannel.com/Corporate/PressRelease.aspx?PressReleaseID=1170&p=hidden


re rock/pop music stations, I suspect their DJs have little to no creative license and their playlists are as corporate-approved as the menu at McDonalds ... corporate same-ness, standardization, etc., from coast-to-coast (eliminates local color and individuality)

[FormerDittoHead]

4. I think it's fair to say that, in the language of business, Clear Channel has peaked...

Yes, I'm talking financially, because I just see the day rapidly ending when sales departments can continue to convince advertisers that those who buy cars and drink soda pop are all Republicans.

Also, I'm guessing CC is selling NOW, in case a new democracy minded congress might start thinking about centralized media ownership????

And I also agree that whoever the buyers are, they will see the parts worth more than the whole, most likely to be broken up on a regional basis to present media owners where it would be allowed.

[B3Nut]

5. Given how Clear Channel is screwing Madison

out of its AAR affiliate The Mic 92.1, I hope they go down in flames and crash hard, and the Dems get rid of media monopolies once and for all.

Todd in Beerbratistan, enraged 92.1 listener

[Marnieworld]

6. Gee they're bailing just less than a year since Howard left

Rats leaving sinking ship. Ha Ha!

[Last Stand]

8. ssshhhhhh! They didn't need him anyway.

And they're not worried about satellite radio.

And they're not worried about the change in political climate.

Naaaahhh.

:sarcasm:


Bain "Romney" Capital? Just when you thought it couldn't get any worse.:puke:

[wholetruth00]

11. No wonder Rush is giving up. He knows he will soon be unemployed.