Wasn't WRDU a "Clear Channel" station? Radio Chain To Go Private For $18.7B Clear Channel Sold To Investors SAN ANTONIO -- Clear Channel Communications Inc., the nation's biggest radio station owner, said Thursday it has agreed to be taken private for about $18.7 billion by an investment group. Clear Channel said the deal calls for a group led by the investment firms Thomas H. Lee Partners LP and Bain Capital Partners LLC to pay $37.60 in cash for each share of Clear Channel common stock. That is a 10.2 percent premium over its closing price on Wednesday. Its shares climbed $1.50, or 4.4 percent, to $35.62 in premarket trading. The buyers are also assuming about $8 billion in debt in the deal. Clear Channel announced in late October that its board of directors was evaluating "strategic alternatives to enhance shareholder value." Clear Channel said the company's board of directors "with the interested directors recused," unanimously approved the merger agreement and is recommending shareholder approval. Lowry Mays is the company's chairman of the board and his two sons, Mark and Randall, are CEO and chief financial officer, respectively. "Our decision to divest these broadcast properties was reached as a result of the ongoing optimization of our diverse portfolio of media assets," said Mark Mays. "These are profitable and well-managed properties in excellent markets. We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders." Analysts had said taking the company private could push shares toward a price of $37 to $40 each. People familiar with the matter had expected at least two bids to be submitted as the deadline for offers passed earlier this week. Another bid had been expected from Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Co. Clear Channel owns or operates 1,150 radio stations and is the largest operator of radio stations in the country. It also owns a majority of Clear Channel Outdoor, the outdoor-advertising segment that sells billboard and bus-stop ads. In a separate announcement Thursday, Clear Channel said it plans to sell 448 of its radio stations, all located outside the top 100 media markets in the U.S., and its 42-station television group. The radio stations scheduled for sale are located in 90 markets outside of the top-100 Arbitron Metros. The television stations are located in 24 small and midsized markets throughout the country. The deal would rank behind KKR's 1988 buyout of RJR Nabisco Inc., which still is the biggest going-private deal ever at $25.1 billion. It would also trail two other deals announced earlier this year. Those included the $21.8 billion buyout of airport development company BAA PLC and the $21.2 billion buyout of hospital company HCA Inc.
rdu is still a clear channel station. along with g105, sunny 93.9 and the river. clear channel will keep them, though, since raleigh is market #43 and they're selling everything smaller than market 100.....
Whoever Renamed it the Rooster should be fired on general principle. They took a station that won multiple national radio station of the year awards and made it the worst station in the nation and then made it irrelavant by going Country. Clear Channel is terrible. I wrote them an email and they told me that the decision was made locally. I now get a commercial free everyday. I switched to XM. :lol:
