Clear Channel Comms in 14bn takeover

Clear Channel Communications, the largest US radio station chain, has agreed to a $26.7bn (£14.13bn) takeover by a private equity consortium led by Bain Capital Partners, LLC and Thomas H. Lee Partners.

The deal follows a long running auction for the media and entertainment company after an announcement last month that the company would “evaluate its strategic alternatives”.

Investment firms Providence Equity Partners, Blackstone Group and Kohlberg Kravis Roberts were all frontrunners in the race to strike a deal with Clear Channel and its founding family.

The deal, which received unanimous approval by Clear Channel’s board of directors, is subject to the approval of shareholders with the company able to accept competing bids until December 7.

In a separate statement, Clear Channel announced plans to sell off 448 of its 1,150 radio station network in 90 selected small markets and its 42-station strong television broadcasting division. The television stations are located in 24 small and mid-sized markets throughout the US. According to Clear Channel, the properties accounted for less than 10 per cent of the company’s revenues last year.

It is not clear how the sale will affect the outdoor business in the UK. Earlier this week, Clear Channel UK appointed Barry Sayer as chief executive. He had been handling the role in an interim basis




Branson calls for action over BSkyB’s ITV stake

Marketing Week

Sir Richard Branson has called on the Office of Fair Trading to intervene after satellite broadcaster BSkyB bought a stake in ITV. Sky bought 17.9% of ITV shares for £940m on Friday, which Branson believes was a way of spoiling a move by cable operator NTL to take over ITV. Branson, NTL’s biggest stakeholder, says […]

DHL loses UK chief ahead of post push

Marketing Week

DHL Global Mail UK managing director John Ivers has left in the middle of the company’s major assault on the deregulated postal market. It is not known if he has a job to go to. The company is seeking a permanent replacement but Ivers’ role will…

3 teams up with internet giants for new service

Marketing Week

Mobile network 3 is to launch a new mobile internet package, backed by a string of high-profile Web companies. Called X-Series, the package will allow customers to make unlimited calls from their mobile using Web telephony provider Skype and watch their home television on their mobile phone in a tie-up with Sling Media. They will […]


    Leave a comment