Clear Channel went private yesterday at long last.
Thomas H. Lee Partners and Bain Capital Partners are in charge now. They are investment buyout companies and their business is buying companies to sell them for greater profit.
Clear Channel -- the Mays version -- ended as a colossal failure when shareholders lost confidence and eventually the founders saw privatization as the better option. Running 1,100 stations turned out not to be as easy or as accretive to investors as originally hoped.
Once $90 a share, the investors walked away with $36 yesterday.
We've all heard and read a lot about what went wrong, but&hellip
- That 11-Hour Cumulus Board Meeting
- The Coming Breakup of Alpha Media
- iHeart's Bankruptcy Promotion
- How Entercom Made a 7% Loss Into a 20% Stock Price Gain
- Univision’s 71 Radio Stations
- David Field’s 3 Broken Promises
- Bonneville’s Back – Or Is It?
- Cumulus Reboot -- Strange Things You Didn't Know
- The Sale of Westwood One
- Alpha Media After Larry Wilson