Skip to comments.Clear Channel takes $19 billion buyout (Romney firm Bain Capital)
Posted on 05/19/2007 10:40:42 PM PDT by AKSurprise
The board of directors at Clear Channel Communications (NYSE: CCU) finally decided to endorse a $19.35 billion buyout package that is nearly identical to the one it rejected last month. Bain Capital (founded by Republican presidential hopeful Mitt Romney) and Thomas H. Lee Partners won with an offer of $39.20 per share, up from the $39 offer the board rejected in April.
Started in 1972 by Lowry Mays and B.J. “Red” McCombs, Clear Channel expanded as US broadcast ownership rules relaxed. Besides radio stations, it acquired theaters and other live performance venues and advertising billboards, in the process becoming a lightning rod for critics including the AFL-CIO who say the firm has homogenized music broadcasts nationwide, diminished the diversity of musical entertainment, and used its cultural clout to advance a conservative political agenda.
A lot of talk comes from Clear Channel. I hear much preaching and filth from way to the social left on those stations.
A lot of Freepers listen to KFI in Los Angeles ... KFI is Clear Channel ... I wonder how they will be affected.
Red McCombs once owned our Minnesota Vikings.
When 2 Clear Channel stations in Boston dropped Air America it was pointed out by “progressive talk” fans that Romney was part of Bain Capital (Vast Right Wing Conspiracy!) though he
actually left several years ago...
>>Romney left Bain in 2001 to lead the Salt Lake City Winter Olympics.
...After making a lot of money from his years there, no
doubt, which the libs find disgusting. If it weren’t for the Clear Channel stations Air America would have only been on a few stations. As it is, prog talk is said to be on about 42 stations nationwide (at its peak it was around 80). Rush
has about 600 affiliates, by comparison.
This is why we need to bring back the fairness doctrine. /s
Who says twenty cents can't buy anything anymore?
If this keeps up there won’t be any public companies left.
Wonder what will become of Tom Sullivan in Sacramento?
I really miss him. Very smart and multi-talented in many areas.
If he ran for Governor, he would win hands down, IMO.
He sometimes subs for Rush Limbaugh. Rush was his best man when he remarried after many years a very eligible bachelor.