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:
“Parenting can be established as a time-share job, but mothers are less good “switching off” their parent identity and turning to something else. Many women envy the father’s ability to set clear boundaries between home and work, between being an on-duty and an off-duty parent.... Women work very hard to maintain a closeness to their child. Father’s value intimacy with a child, but often do not know how to work to maintain it.”
—Terri Apter (20th century)
“How old the world is! I walk between two eternities.... What is my fleeting existence in comparison with that decaying rock, that valley digging its channel ever deeper, that forest that is tottering and those great masses above my head about to fall? I see the marble of tombs crumbling into dust; and yet I don’t want to die!”
—Denis Diderot (1713–1784)
“[T]he dignity of parliament it seems can brook no opposition to it’s power. Strange that a set of men who have made sale of their virtue to the minister should yet talk of retaining dignity!”
—Thomas Jefferson (1743–1826)