Clear Channel Considers Sale, Hires Goldman Sachs

[RamboLiberal]

http://www.bloomberg.com/apps/news?pid=20601103&sid=a.o5XLOFOLfs

Clear Channel Communications Inc., the largest U.S. radio broadcaster, is considering a possible sale of the company and hired Goldman, Sachs & Co. as an adviser. The shares jumped 9.7 percent.

The board is evaluating alternatives to increase the share price and can't assure that a transaction will occur, San Antonio-based Clear Channel said today in a statement.

The hiring of Goldman Sachs brings the Mays family, which controls Clear Channel, closer to a possible leveraged buyout. Chief Executive Officer Mark Mays has spun off the company's live entertainment unit, Live Nation Inc., and sold shares of its outdoor advertising unit, Clear Channel Outdoor Holdings Inc., in an IPO. The stock has been hurt by slow growth in the radio industry.

Clear Channel spokeswoman Lisa Dollinger declined to comment beyond the release. The company said in its statement that it won't comment any more about the matter unless a specific transaction is approved by the board.

[JudyM]

1. Please, please, please Mr Soros...

This is an amazing opportunity to level the playing field of people's political consciousness.

[eleny]

2. Can you imagine him doing it and firing Rush? I'd pee my pants.

[Ignacio Upton]

4. He could single-handidly destroy a third of the VRWC

n/t.

[jimshoes]

3. Perhaps they sense a fairness

doctrine in the future. Maybe the rats really are jumping ship.

[Judi Lynn]

7. Their hate-radio hosts aren't going to be finding the same audience

numbers if predictions hold true and there is a shift in Congress, some better conditions are legislated, and there's a reason to hope again.

Reinstating the fairness doctrine would be a god-send to an abused American public.

[muntrv]

5. Maybe this sale will result in more creativity in the music business.

Clear Channel is the one telling us what music is popular.

[mcscajun]

6. Paging George Soros...

Please buy CC, PLEASE.

It would do the World a WORLD OF GOOD.

Putting Rush Limbaugh and his ilk on the UNemployment lines they swear are so very short would simply be the icing on the cake.

[LTR]

8. Interesting

The rumor I saw yesterday was that the Mays family was gearing up to take CC private.

They've been selling off stations in smaller markets such as Fargo, where they just dumped the entire cluster on the guy they bought it from.

[aquart]

9. Now why would they want to do that?

When you say "dumped" do you mean for less than they paid???

[NashVegas]

15. Yes, That's What I Saw Reported

Not a bad idea, in these times.

[wholetruth00]

10. I don't trust this. It's a way to raise stock prices and allow shareholders

to make a windfall just before the company sinks. In a lot of ways CC can be held accountable for the mess this country is in in Iraq and around the world. Most of their RW stations proudly support talk radio shows that are pathways for hate speech and right wing propaganda and I believe many people are sick of their shit.

[maseman]

12. Alright everyone calm down

Fairness doctrine not coming, Rush not going away, George Soros won't be buying Clear Channel, this might not even happen at all. The radio industry stocks have been very anemic over the past couple of years due to stagnent ad sales. Sales have basically been flat the past few years. Coupled with the media's overwhelming attention paid to satellite radio (which is still a very fraction of what audience traditional radio delivers) people have pulled money out of radio stocks.

Other companies such as Emmis Broadcasting who owns Power in NYC and LA, have also discussed going private or selling the company. ABC Radio (WABC-NY, KABC-LA, WLS-Chicago) are in active selling mode to Citadel Communications. Susquehanna Broadcasting who owend a number of stations including KNBR-San Francisco sold earlier this year. CBS Radio (formerly Infinity Broadcasting) have sold radio stations in about 5 markets this year. All due to slow growth scenarios.

[DoYouEverWonder]

11. So after they spent years buying up every decent radio station

in the country and turned them into their hate-talk crap shows, they want to bail out. Good riddance.

[Bullshot]

13. I think one reason radio sales have gone flat is because of CC

and other conglomerates of their ilk.

The AM band around where I live is solid RW hate mongering talk shows. There's no variety.

The FM band is predominantly Clear Channel stations playing primarily country, primarily appealing to inbred hillbillies with all of their NASCAR "patriotism" songs.

There's very little good programming on the radio anymore. It's all syndicated. A station in one market will have the same shows as stations in other markets. I blame this a lot on CC, which owns a huge percentage of the stations in my part of NW Ohio.

[w4rma]

14. I hope the company is split up and sold to lots of small buisnesses. (nt)

[Jawja]

16. So Clear Channel is

looking to SELL because it's stock has been hurt by "slow growth" in the industry. Hmmmm. That smells like a decline in support for right-wing nutjob hate radio and Rush Limbaugh?

Not bringing in new flies to sample the shit? :shrug: