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Mitt Romney's VC Firm to Buy Clear Channel
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| Parent(s) |
Candidate
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| Contributor | kal |
| Last Edited | kal Dec 14, 2007 06:33pm |
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| Category | Blog Entry |
| News Date | Saturday, December 15, 2007 12:00:00 AM UTC0:0 |
| Description | What would it cost to buy the support of just about every nationally syndicated neocon talk show host in America? About $19.5 billion, which is what Mitt Romney's private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country. This is part of a negotiation that has been pending for over a year.
Clear Channel owns more than 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well.
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