FCC OKs Deal to Take Largest US Radio Broadcaster Private

[babylonsister]

FCC OKs Clear Channel buyout

FCC OKs Deal to Take Largest US Radio Broadcaster Private

JOHN DUNBAR
AP News

Jan 10, 2008 17:43 EST

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 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.

more...

http://talkingpointsmemo.com/news/2008/01/fcc_oks_clear_channel_buyout.php

[KharmaTrain]

1. Thanks Kevin Martin...

A BIG Caveat here...and I'm sure other DU Radioheads will chime in here...the Cheap Channel deal is far from a done deal.

Bain has had troubles raising the money and the deal is predicated on Clear Channel selling off properties and those sales have been going real slow. Meanwhile the company's debt grows thanks to continuing declines in advertising revenues and ratings. The equity in Clear Channel sinks every day and this move is just the FCC giving the companies breathing room to get the deal done.

I recently spoke with someone inside Clear Channel...the original Bain deal was supposed to have been done by now but was puahsed back to June...maybe by then Mittens and the Carlisle Group will come up with a financing plan to monopolize more of the public airwaves.

[babylonsister]

2. I know Kerry and Obama are fighting Martin -

It's crucial for this country to gain some control over the FCC.