Radio: Lee & Bain vs. Jerry Lee

Thomas Lee Partners out of Boston and Bain Capital, the buyout firms behind the Clear Channel privatization (and many other buyouts) have one way of doing radio.

They buy a large established industry leader, cut expenses to the bone, operate it until the market allows them to -- sell it for a greater profit than what they paid.

That's the Lee & Bain way -- nothing wrong with it -- if you're an investor.

But for operators, there is another way.

Last week, Jerry Lee, the owner for life of WBEB (B-101), Philadelphia showed the industry what operators do when they want to actually keep the stations and make lots&hellip