mitt romney & bain capital's deal will make largest US radio broadcaster private
from ap:
The Federal Communications Commission has signed off on the $19.5 billion deal that will take the nation's largest radio broadcaster private, an agency official said Thursday.
San Antonio-based Clear Channel Communications Inc. grew into a media giant and punching bag for foes of media consolidation following a 1996 law [
ed: thanks clinton!]
that eliminated the national limit on how many radio stations a single company may own.
Clear Channel is being taken private by a group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC for $39.20 a share. Shareholders already have approved the transaction.
An agency official, who asked not to be identified because the approval has yet to be announced, said all five commissioners had approved the deal.
A formal announcement spelling out the details of the transfer of Clear Channel's broadcast licenses to the new owner will likely be released next week.
The buyout still needs approval from the Justice Department.flashback: mitt romney to buy clear channel
from lew rockwell:
What would it cost to buy the support of just about every nationally-syndicated neocon talk show host in America? About $19.5 Billion, which is what Mitt Romney's private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country.
Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well.
From an anonymous email:"I'll bet those hosts won't reveal that conflict of interest, but it's worth noting when you hear them begin hyping Romney, which has already begun. A lot of GOP supporters will support whomever they are told to support, so be prepared for a big push for Romney. On the bright side, Romney has more vulnerabilities than Rudy, based on his record. Look at this as the GOP establishment doing us a favor. Rich men can bankroll their own campaigns (a la John Kerry), but it takes a special breed to use investors' money to buy entire networks that can operate as passive wings of a presidential campaign."
from raw story: Air America Radio host Randi Rhodes has left the network after it suspended her over comments she made at a station fundraiser last week... Nova M Radio Network announced that it has added The Randi Rhodes Show to its syndication lineup effective Monday, April 14. It is scheduled to air 3pm-6pm Eastern, Monday through Friday.