Clear Channel Sale
On Friday, November 17, 2006, Clear Channel announced that it was going private and selling off almost one-third of its radio assets, according to The Washington Post and DHM. The buyers, led by Bain Capital Partners and Thomas H. Lee Partners, agreed to pay $26.7 billion for the company. In a separate transaction also announced on November 16, 2006, Clear Channel said it would seek buyers for all of its television stations and 539 of its smaller radio stations, presumably because the private-equity buyers are not interested in owning television or small-market radio. Over a hundred stations have already been assigned to Aloha Station Trust, LLC upon the consummation of the merger. The television stations were ultimately sold to Newport Television.
On September 25, 2007, the shareholders approved of the buyout, allowing Clear Channel to proceed with being taken private, ending 35 years as a public company.
Read more about this topic: Clear Channel Communications
Famous quotes containing the words clear, channel and/or sale:
“Seems fairly clear that you fix a breed by LIMITING the amount of alien infiltration. You make a race by homogeneity and by avoiding INbreeding.... No argument has ever been sprouted against it. You like it in dogs and horses.”
—Ezra Pound (1885–1972)
“Children belong in families, which, ideally, serve as a sanctuary and a cushion from the world at large. Parents belong to society and are a part of that greater world. Sometimes parents are a channel to the larger society, sometimes they are a shield from it. Ideally they act as filters, guiding their children and teaching them to avoid the tempting trash.”
—Louise Hart (20th century)
“I hate this shallow Americanism which hopes to get rich by credit, to get knowledge by raps on midnight tables, to learn the economy of the mind by phrenology, or skill without study, or mastery without apprenticeship, or the sale of goods through pretending that they sell, or power through making believe you are powerful, or through a packed jury or caucus, bribery and “repeating” votes, or wealth by fraud.”
—Ralph Waldo Emerson (1803–1882)