ClearChannel (CCU) receives takeover bid

[Lucky Luciano]

$37.60 per share or $19B deal.

Thomas Lee Partners and Bain Capital made this bid - private equity firms.

Briefing.com

[papau]

1. Bain Capital is private conservative money - they need more control?

I saw where Clear Channel's response was to dump liberal talk at at least one station so as to go to Fox Talk (sports in this case).

Plus the right wing's former AIG Insurance company CEO and Whore and thief Maurice Greenberg (you should see how he became a billionaire as paid management of a little Asian insurance company that was family owned -the Starr folks - out of N.H.) is trying to buy the LA Times to keep it out of California's more moderate/liberal ownership folks hands.

Looks like Air America has scared the right wing's best thieves.

[dbt]

2. A little background from Radio And Records:

Two consortiums are in the running, the first comprising Blackstone Group, Kohlberg Kravis Roberts & Co. and Providence Equity Partners and another made up of Bain Capital and Thomas H. Lee Partners. Both groups submitted bids by the Nov. 13 noon deadline, and both are reportedly offering around $36 per share. <snip>

By mid-day, more than 4.1 million shares of CCU had traded down 11 cents to $34 a share, while shares of Clear Channel’s Outdoor operation (CCO) were up 217 cents to $25.15 on 97,500 shares traded. <snip>

A little more here.

:freak:
dbt
Remember New Orleans

[jackster]

3. Thomas Lee Partners

just joined with Carlyle Group to buyout Dunkin Donuts too. There may be other connections as well.

[dbt]

4. Clear Channel agrees to be bought for $19bln: source

NEW YORK (Reuters) - Clear Channel Communications Inc., the No. 1 U.S. radio company, has agreed to be acquired by private equity firms Thomas H. Lee Partners and Bain Capital for nearly $19 billion, a source familiar with the situation said on Thursday.

More.

[rox63]

5. Bain Capital = Mitt Romney's company

I believe he was one of the founders. :puke:

[Lucky Luciano]

6. Deal also includes $8B of CCU debt,

so the total deal size is really about $26.7B.

[NashVegas]

7. CC Will Sell off Its Small-Market Properties

from All Access:

Additionally, CLEAR CHANNEL has announced plans to sell 448 of its 1,150 radio stations, all located outside the Top 100 ARBITRON markets -- 90 markets are affected -- as well as the company's 42-station TV group. Collectively, these properties contributed less than 10% of the company’s revenues last year.

...

Regarding the divestiture of radio and TV properties, MAYS added, "Our decision to divest these broadcast properties was reached as a result of the ongoing optimization of our diverse portfolio of media assets. These are profitable and well-managed properties in excellent markets. We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders."