Lee & Bain Channel

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