Reuters: Clear Channel agrees to be sold for $18.7 billion

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http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=OBR&Date=20061116&ID=6203916

Clear Channel agrees to be sold for $18.7 billion
All Reuters News

NEW YORK (Reuters) - Clear Channel Communications Inc. , the No. 1 U.S. radio station operator, said on Thursday it had agreed to be taken private in a $18.7 billion buyout by the founding family and equity firms Thomas H. Lee Partners and Bain Capital Partners LLC.

Clear Channel, which also said it plans to divest 448 of its 1,150 radio stations, is selling at a time when the radio advertising market is weak, and listeners are migrating to digital music, Internet media and satellite radio.

The Mays family, which includes Mark, Randall and founder Lowry Mays, is participating in the buyout, but the financial details were not immediately available. Mark Mays will continue as chief executive, and Randall will be president and chief financial officer. Chairman Lowry Mays will continue in an active role, the company said.

The private equity firms, which have also pursued other large media properties this year, agreed to buy Clear Channel for $37.60 a share, a 16 percent premium to the $32.35 closing share price on October 25, when the company said it was looking at strategic alternatives.

Bain and Thomas H. Lee will be equal investors in Clear Channel. The company said no significant layoffs are expected.

Aside: Both “Partners” joined with the Carlyle Group to purchase Dunkin’ Brands recently.

http://www.cbsnews.com/stories/2005/12/12/business/main1119914.shtml

(AP) Three private equity firms have agreed to pay $2.43 billion for Dunkin' Donuts and two other restaurant chains, the companies announced Monday.

French beverage company Pernod Ricard SA agreed to sell Dunkin' Brands to Thomas H. Lee Partners, the Carlyle Group and Bain Capital four days after bidding closed in an auction for the U.S. fast food company — owner of the Dunkin' Donuts chain, Baskin-Robbins ice cream parlors and Togo's sandwich stores.

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1. So ... what will this mean for Air America Radio?

[snowbear]

2. Big Eddie (Jones Radio Network) said that no one knows what it means yet...

Said that the biggest change is that they'll retain the largest markets and will sell off the smaller ones...

Mentioned that this may indeed affect Druggie Boy Limbaugh in some places..

Also - earlier this week, one of our progressive stations in Anchorage (we actually have TWO now! ) mentioned how incredible it was that so many local owners were stepping up to buy various Air America Shows.

For example, just days ago... the Thom Hartmann Show was snapped up by someone.. I forget who.. and he mentioned several other programs -- and that while they will still be on Air America, that the ones being bought out will have SECURITY.

Our main station in Anchorage was bought out by the International Brotherhood of Electrical Workers (IBEW) and boy-- do they ever take care of the radio crew over there!

Our newest progressive station is on "Morris Communications"... not sure if they're affiliated with Clear or not.

I do know that Clear Channel where I live is the one station with Rush, Michael Raegan, along with some local-yocal Rushie Wannabe-types... so I hope when Clear starts cutting, they blow them off the map!

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3. Two progressive stations!

I'm jealous. And I'm in San Francisco!
We have an AAR station, owned by Clear Channel. They apparently didn't like the election outcome and pulled this crap:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x2665288

KGO runs Bernie Ward at 10pm and Ray Taliaferro at 1am.
They have huge audiences, but I miss listening to Randi in the afternoons.

That is so cool that IBEW bought one of your stations. A union shop, to be sure. :)

And other local stations are acquiring AAR shows as well?
Wish that would happen here -- in this liberal capital of the US. *Sigh*

I hope Rush's show gets axed across the country. His reputation is in the toilet for too many people.

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4. Kick