2006/11/18
Clear Channel sale means people lose jobs
Also at BlogJosh.
Last week, we noted the impending sale of Clear Channel, owner of some 1100 radio stations, a bunch of TV stations, outdoor advertising and more, to a private equity firm.
Thursday, the company announced an investment firm offered $18.7 billion, a premium of 10% over the value of the company's stock, and the Clear Channel will continue taking bids until Dec. 7.
The big draw, says Dow Jones, is neither the broadcast media outlets nor the music venues, it's the outdoor advertising unit.
And to show just how focused Clear Channel is on the outdoor stuff, the company announced that five employees are getting the ax in Syracuse, where Clear Channel owns five radio stations, a television station and a music venue.
They're also dumping 17 stations in Maine and 12 more in Wisconsin.
Last week, we noted the impending sale of Clear Channel, owner of some 1100 radio stations, a bunch of TV stations, outdoor advertising and more, to a private equity firm.
Thursday, the company announced an investment firm offered $18.7 billion, a premium of 10% over the value of the company's stock, and the Clear Channel will continue taking bids until Dec. 7.
The big draw, says Dow Jones, is neither the broadcast media outlets nor the music venues, it's the outdoor advertising unit.
And to show just how focused Clear Channel is on the outdoor stuff, the company announced that five employees are getting the ax in Syracuse, where Clear Channel owns five radio stations, a television station and a music venue.
They're also dumping 17 stations in Maine and 12 more in Wisconsin.
