Mitt Romney Buys Clear Channel

My Direct Democracy Blog ^ | Thursday November 16, 2006 | Chris Bowers

[2ThumbsUp]

Mitt Romney Buys Clear Channel by Chris Bowers, Thu Nov 16, 2006 at 01:44:50 PM EST

Rochester Turning finds this disturbing nugget on the 2008 Presidential race: Clearchannel just recently went up for auction. Mitt Romney's Bain Capital bought it along with Thomas H Lee Partners, but I'm not sure who owns them. The rumor on the Street was that there might be regulatory problems because the firms own positions in other media companies, but I'm not sure which ones.

[2ThumbsUp]

Mitt Romney Buys Clear Channel by Chris Bowers, Thu Nov 16, 2006 at 01:44:50 PM EST

Rochester Turning finds this disturbing nugget on the 2008 Presidential race: Clearchannel just recently went up for auction. Mitt Romney's Bain Capital bought it along with Thomas H Lee Partners, but I'm not sure who owns them. The rumor on the Street was that there might be regulatory problems because the firms own positions in other media companies, but I'm not sure which ones. Article is here and Wikipedia for Bain Capital is here. To prepare for their 2008 runs, most potential candidates stock up on staff, a Leadership PAC, and support from party leaders, advocacy organizations, and grassroots groups. Mitt Romney buys a media empire. I can't argue with what will probably be an effective strategy, but I can fear for American Democracy. Maybe Romney did this in order to match Giuliani's defacto news organization, Bloomberg. Maybe he did it to try and counter Rupert Murdoch's hold over the Bush administration via Tony Snow.

For a long time, many progressives have dismissed much established media as corporate and pro-right wing. However, with the difference between rulers of vast media empires and Republican Presidential candidates quickly disappearing, hopefully that will be a problem that the entire country will start to notice as well. While it may not be possible with Bush in the White House, we have to end media consolidtion and reinstate the fairness doctrine ASAP. Rochester Turning describes just how bad the situation is in the Flower City (that's Rochester, for you non-Upstaters): One of the most distressing political topics of the day is the state of our media. Did you know that of the four major television channels here, one is owned by Sinclair (FOX 31 WUHF, which comes in as Channel 7 on cable) and another (ABC 13 WHAM) is owned by Clear Channel? Sinclair, you may recall, was set to run an anti-John Kerry documentary a few days before the 2004 election until a sponsor boycott forced them to do otherwise, while Clear Channel reportedly led campaigns against the Dixie Chicks following their comments about George Bush a few years ago. Clear Channel also owns seven local radio stations I am sure that cities around the country are facing similar problems--posibly even worse. News Corps, Sinclair, Clear Channel, Bloomberg--tough times ahead for the So Called Liberal Media.

[chrisser]

For a long time, many progressives have dismissed much established media as corporate and pro-right wing

Funniest thing I've heard in a long time...

[mewzilla]

Premier Radio, which produces Limbaugh’s show, is a subsidiary of Clear Channel, IIRC...

[mnehring]

I don’t believe Romney has been related to Bain Capital for over a decade. He is not listed as a Director or ‘Sr. Professional’ on their site.

http://www.baincapital.com/Team/index.asp?viewType=ByEmployeeType&;

[garyb]

You did see that this was from 2006 ?

Also note that Romney left Bain Capital in 2001:

http://www.bizjournals.com/boston/stories/2001/08/20/daily27.html

“W. Mitt Romney is quitting Boston-based Bain Capital, the $13 billion investment firm he started with $35 million in 1984. The son of a former governor and himself a presidential candidate is going into politics in either Massachusetts or Utah after he completes work helping organize next year’s Salt Lake City Winter Olympics.

“Romney, 54, is giving up his 100 percent control of Bain Capital to 26 managing directors.”

[Admin Moderator]

The Activism sidebar is reserved for News/Activism of the FR chapters.

Please refrain from abuse.

AM

[Admin Moderator]

And also place content from Bloggers into the Bloggers forum.

[2ThumbsUp]

When one considers it is Clear Channel which owns the Rush Limbaugh show (and many other conservative talk shows), for me, it becomes important to keep this fact in mind when I am listening to Rush, who is my favorite talk show host...and the other talk show hosts who are either already owned or affiliated by Clear Channel...or those who want to become a Clear Channel media favorite. But I don’t intend to be too hard on Rush - we need him and he needs us. Rush and the others know all too well there are those waiting in line for them to become suddenly irrelevant. My plan is to keep my eyes open. I recommend you do likewise

[2ThumbsUp]

Maybe you’ll like this one better.

Clear Channel Accepts .7 Billion Takeover Bid - Mergers, Acquisitions, Venture Capital, Hedge Funds — DealBook - New York Tim

Tuesday, December 11, 2007
Business
World
U.S.
N.Y./Region
Business
Technology
Science
Health
Sports
Opinion
Arts
Style
Travel
Jobs
Real Estate
Autos
Media & Advertising
World Business
Small Business
Your Money
DealBook
Markets
Research
Mutual Funds
My Portfolio
Alerts

Sponsored by

Search DealBook
DealBook Home
Mergers & Acquisitions
Investment Banking
I.P.O. / Offerings
Private Equity
Hedge Funds
Venture Capital
Legal
Jobs
Clear Channel Accepts $18.7 Billion Takeover Bid
November 16, 2006, 3:16 pm
Link to This
E-mail this
Topics
Mergers & Acquisitions
Industries
Telecommunications,
Media

The nation’s largest network of radio stations, Clear Channel Communications, agreed Thursday morning to be bought for $18.7 billion, in a deal that may test private equity’s seemingly insatiable appetite for media properties. A consortium that includes Thomas H. Lee Partners and Bain Capital won the bidding with a $37.60-a-share offer, beating out a rival consortium of Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Company.

The deal would rank as one of the largest media buyouts ever, surpassing

[mewzilla]

I remembered the story, I just didn’t associate it with Limbaugh at the time. I didn’t know Limbaugh worked for Clear Channel until after the Reid letter thing.

[2ThumbsUp]

I had a delayed reaction myself. And it was the posts I read about Rush’s responses to the speech which got me to thinking. It was fairly recently that Rush said we have no genuine conservatives running in the Republican party.
And given the fact Rush has paid a huge price for his conservatism. Keep in mind, he was the one who was the first to give us a voice. He had no idea of the success which would come to him. It’s from his heart. It’s who he is. And he (as well as all true conservatives) know the personal, professional and social price of being a true conservative. Conservatives know what it means to bear rejection (and with grace). It didn’t add up. And as I was standing in my kitchen this morning, getting ready to grab a cup of coffee...it’s like a light bulb went off in my mind. I remembered the talk of a Clear Channel sale being in the news a few months ago. I did a quick search (and sorry it wasn’t better, but it was early and I was still kind of tired) and bingo. That was it!

Do you think President Bush would have been elected twice without Rush and the rest of us? I doubt it. And now, it looks as if Clear Channel has sold El Rushbo, and all true conservatives, into political slavery. Anyway, this has been what has been going through my mind today.

[2ThumbsUp]

I apologize.

[Palladin]

Is this why Limbaugh supports Romney...job security?

[Little_GTO]

Is this why you think Rush will eventually back Willard?

Here is an update:

Growing doubts over Clear Channel buy-out

http://www.ft.com/cms/s/0/e39af928-bd8c-11dc-b7e6-0000779fd2ac.html

[Osage Orange]

Is this why Limbaugh supports Romney...job security?

I've not come to that conclusion...

How have you?

[Agent Smith]

I doubt it. My view is based on simple elimination. McCain and Huckabee are definitely out, Rudy by all rights should be also unless Rush has developed an afinity for Pro Abortion, gun grabbing Cross Dressers. Thompson is DOA.

Seriously, who else is left? Just the National Review and Bush Incorporated's fair hair boy Myth Romney. Rush is in the bag for Myth, no doubt, imho.

[Little_GTO]

I became curious when I saw something on CNBC today. When I heard Bain Capital and Clear Channel in the same sentence lights went off.

As Rush always says, follow the money.

[Little_GTO]

** Ping **

post #14

fyi

Bain Capital = Mitt

Clear Channel = Rush

+ other talk radio and media.

Looks like it might fall through.

Others on FR may be interested.

[Sun]

Wow. What will I hear next?