Clear Channel Shareholders Approve Takeover Deal

[NashVegas]

Source: Radio & Records

Clear Channel Communication's merger adoption agreement was approved by shareholders at a special shareholder meeting on Tuesday morning (Sept. 25). Though still subject to regulatory approval, Clear Channel will be acquired by CC Media Holdings (co-led by Thomas H. Lee Partners and Bain Capital) for $39.20 per share, or $19.5 billion.
...

Clear Channel Communications entered into a second amendment to its previously announced merger agreement with a private equity group co-led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC on May 18. Under the terms of the merger agreement, as amended, Clear Channel shareholders will receive $39.20 in cash for each share they own plus additional per share consideration, if any, if the closing of the merger occurs after Dec. 31, an increase from the previous cash consideration of $39.00 per share.

Read more: http://www.radioandrecords.com/RRWebSite/

[Mojorabbit]

1. I wonder what else

cc media holdings owns. Is this further consolidation?

[Robbien]

3. Not really, CC media holdings is a new company

and Bain (new owner) is a private equity firm that buys and consults in the buying of companies. Usually this means cost cutting and loading of debt onto the company.

Not good news I would think for Clear Channel, unless Bain has other than its usual plans for the company.

[Gonnuts]

2. Just what we needed ...

more consolidation of the media by a corporation that is dedicated to keeping the public as ignorant as possible.

If it wasn't for the Internet we'd have no where to get anything approaching real news. And the powers that be are doing everything in their power to stop this too.

[AndyTiedye]

4. Clear Channel is Now Under the Control of MITT ROMNEY!

http://en.wikipedia.org/wiki/Mitt_Romney

[NashVegas]

5. Oh My ...

Mitt, Mitt, Mitt, whatcha doing?

[noel adamson]

6. Running for president?

[Raine]

7. UGH sounds like Clear Channel is going

from bad to worse. :-(

[derby378]

8. So should we be toasting the downfall of Clear Channel or what?

I'm a bit confused.

[HelloDubya]

9. GREAT IDEA!

Now maybe they will play some Deep Purple and stop being a mouthpiece for Bush Co, Inc.