RTP-area local music and culture

["Monkey Boy" <monkeyboythom AT gmail.com>]

> From Washington Post on-line:
http://www.washingtonpost.com/wp-dyn/content/article/2006/11/16/AR2006111600537.html

[excerpts]

Clear Channel Communications Inc. has agreed to sell the company to a
consortium of private-equity firms and plans to shear off more than
one-third of its 1,150 radio stations, dismantling a giant that dominated
the industry and became the bogyman of media consolidation for the past
half-decade.

...
The buyers, led by Bain Capital Partners and Thomas H. Lee Partners, agreed
to pay $26.7 billion for the company, which includes the assumption of $8
billion in debt.

...

In a separate transaction also announced yesterday, Clear Channel said it
would seek buyers for all of its television stations and 448 of its smaller
radio stations, presumably because the private-equity buyers are not
interested in owning television or small-market radio. The stations marked
for sale are all outside the nation's top 100 markets, which would exclude
Washington, the eighth largest.


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