Clear Channel Communications Sold

[lbcardoni]

Link
 
 
 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.
 
 The bid values Clear Channel, which has about 1,150 radio stations, at $37.60 a share, the source said.
 
 
 Clear Channel shares rose 4.5 percent to $35.67 in electronic composite trading, after closing at $34 Wednesday on the New York Stock Exchange.
 
 An announcement is expected from the company later Thursday, the source said.
 
 Two teams of bidders submitted offers for the company, sources previously told Reuters. The other consortium was made up of Providence Equity Partners, Blackstone Group and Kohlberg Kravis Roberts .
 
 Clear Channel declined to comment.
 
 Clear Channel, which owns a majority stake in outdoor advertising group Clear Channel Outdoor Holdings Inc. , said last month it was evaluating strategic alternatives for its business. It hired investment bank Goldman Sachs & Co. to advise it.
 
 Copyright 2006 Reuters

[kosmo vinyl]

"Clear Channel, which owns a majority stake in outdoor advertising group Clear Channel Outdoor Holdings Inc. , said last month it was evaluating strategic alternatives for its business. It hired investment bank Goldman Sachs & Co. to advise it."
 
 translation... our plan to make lots of money via radio advertising didn't quite work out as planned and we spent way to much money to acquire already over valued radio stations.  oops

[Jaguar]

Just heard about this. Supposedly, Clear Crap allowed some investment company to buy them but the Mays family still holds complete control and holds most of the stock (or something like that). Basically, it's a big money game that clears their credit and keeps them in full control. So, don't go celebrating and thinking one damn thing will get any better.

Originally posted by kosmo vinyl:
  "Clear Channel, which owns a majority stake in outdoor advertising group

Somebody get a painball gun and shoot at those billboards as you drive by.