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Old 11-16-2006, 10:04 AM   #1
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Exclamation Clear Channel Sold

Clear Channel in $26.7 billion buyout
Seeking buyers for 448 radio stations



By Angela Moore, MarketWatch
Last Update: 10:32 AM ET Nov 16, 2006






NEW YORK (MarketWatch) -- Clear Channel Communications Inc., the largest U.S. radio-station owner, on Thursday said it agreed to sell itself to an investor group led by private-equity firms Thomas H. Lee Partners and Bain Capital Partners for $18.7 billion in cash.
The San Antonio, Texas-based Clear Channel also said it plans to sell 448 radio stations in selected small markets as well as its television-broadcasting division, though the buyout isn't conditioned on these sales.
Under terms of the deal, shareholders of Clear Channel will receive $37.60 a share in cash, a 10.2% premium to Clear Channel's Wednesday closing price of $34.12.
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Old 11-16-2006, 10:43 AM   #2
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The 448 stations will represent almost 40 percent of all of Clear Channel's radio stations. Now, since this isn't a condition of the buyout, it may not end up being that many.

It certainly reprsents a turning point for the industry. It's biggest player is getting much smaller. I would hope this is a turn for the better, but I can't say that right now.
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Old 11-16-2006, 11:01 AM   #3
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Quote:
Originally Posted by unoriginal
The 448 stations will represent almost 40 percent of all of Clear Channel's radio stations. Now, since this isn't a condition of the buyout, it may not end up being that many.

It certainly reprsents a turning point for the industry. It's biggest player is getting much smaller. I would hope this is a turn for the better, but I can't say that right now.
As far as XM is concerned. I found this little snippet interesting.

Quote:
Section 5.4 Operational Involvement of Clear Channel, DIRECTV and the TCM Group.
-------------------------------------------------------------------

(a) Following the Closing and for such time as Clear Channel (i) continues
to hold in excess of 5% of the Common Stock Deemed Outstanding, or (ii) retains
the full amount of its original investment in the Company, the Company agrees
that Clear Channel shall have operational rights and involvement as set forth in
the Clear Channel Operational Assistance Agreement, provided that such rights
-------- ----
and involvement shall terminate if Clear Channel ceases to be a wholly-owned
subsidiary of Clear Channel Communications, Inc.
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Old 11-16-2006, 12:59 PM   #4
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jesus if xm got that bandwidth back. Imagine the possibilities.
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Old 11-16-2006, 04:13 PM   #5
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Default If you ever wanted to own a small-market radio station, its your lucky day!

Clear Channel Markets To Be Spun
Nov. 16, 2006
By Keith Berman


R&R has obtained the list of clusters Clear Channel will be selling off. The company expects to have deals in place for all 448 stations by the end of 2007, and some deals may close as early as Q2 2007. Clear Channel has also announced that it does not expect any layoffs to occur as a result of these sales, but it is establishing severance packages should any personnel in these affected clusters be terminated.

In rated markets, the clusters being sold are: Boise, Idaho; Lancaster, Penn.; Victorville, Calif.; Reading, Pa.; Shreveport, La.; Burlington, Vt.; Fayetteville, Ark.; Salisbury, Md.; Ann Arbor, Mich.; Tyler, Texas; Albany, Ore.; Montgomery, Ala.; Huntington, W.V.; Rome-Utica, N.Y.; Poughkeepsie, N.Y.; Anchorage, Alaska; San Luis Obispo, Calif.; Lincoln, Neb.; Ft. Smith, Ark.; Binghamton, N.Y.; Lebanon, N.H.; Lubbock, Texas; Midland-Odessa, Texas; Tupelo, Miss.; Amarillo, Texas; Yakima, Wash.; Tri-Cities, Wash.; Duluth, Minn.; Santa Barbara, Calif.; Medford, Ore.; Bangor, Maine; Fargo, N.D.; Laurel, Miss.; Rochester, Minn.; Charlottesville, Va.; Muskegon, Mich.; Marion-Carbondale, Ill.; Eau Claire, Wis.; Abilene, Texas; Wheeling, W.V.; Lima, Ohio; Parkersburg, W.V.; Battle Creek, Mich.; Billings, Mont.; Wichita Falls, Texas; Texarkana, Texas; Augusta, Maine; Williamsport, Pa.; Sioux City, Iowa; Mankato, Minn.; Lawton, Okla.; Cookeville, Tenn.; Bismarck, N.D.; Grand Forks, N.D.; Jonesboro, Ark.; Cheyenne, Wyo.; the Florida Keys, Fla.; Mason City, Iowa; Meridian, Miss.; and Casper, Wyo.
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Old 11-21-2006, 12:45 AM   #6
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Quote:
Originally Posted by soxnationonline
jesus if xm got that bandwidth back. Imagine the possibilities.
I can't wait for the clear channel channels to be rid of from XM. Any in the know XM sub knows why those channels are there, and know they are the only music channels w/ commericials. Thing is, joe average listener doesn't, and will be the first to say "I thought XMs music was commericial free"..

But yeah, ridding those 3 channels though, you know XM would just replace them or keep them without the clear channel programming.
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