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."

Sick of Media Behemoths?

[jazman_777]

Like CC, Time-Warner, Slashdot? Boyc

...connection terminated.

In other news...

[Quaoar]

Due to recent budget cuts, Clear Channel has reduced the size of their song lineup. Instead of playing 10 different a day, the stations will now loop the latest Coldplay single 24/7.

Does it really shock anyone

[palindromic]

that Clear Channel is hugely in debt? Their marketing peoples' "formula" for success resulted in some of the most grating, asinine garbagey programming ever. People hate it so much they actually donate their money freely to NPR in the overwhelming fear that the one reliable station on the dial might disappear. And fuck me, the COMMERCIALS these ad-wizards came up with, I honestly couldn't think of something more effective in triggering a Pavlovian response to hit the scan button than the shit they engineer to try and sound "cool" or whatever the fuck marketing group-think buzzword their slimy little brains secreted at CC meetings. Seriously.

This sucks

[deevnil]

Clear Channel is going to be able to buy something new and ruin it.