Thursday, November 16, 2006

Another big traditional on the block

"Clear Channel Communications Inc. has agreed to be bought by a group of investors for nearly $19 billion. The buyers, led by Thomas H. Lee Partners LP and Bain Capital Partners LLC, both headquartered in Boston, will also assume about $8 billion in debt (whoa!). It is the biggest leveraged buyout in the media industry. San Antonio-based Clear Channel said in a statement that the agreement allows it to continue soliciting competing bids through Dec. 7."--Indianapolis Business Journal

Couple that with the pursuit of the Tribune Cos. by Gannett and there is a whole lotta shakin' going on with some of our largest traditional media companies.

Clear Channel owns a handful of Indianapolis radio stations,a group of stations that I briefly worked for. In the one year I was there those stations were bought and sold on 3 separate occasions.

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