Romney’s Firm to Buy Clear Channel
Posted on Dec 13, 2007
It’s a big week for big media: First, Dow Jones & Co. officially approved Rupert Murdoch’s takeover of The Wall Street Journal, and now Lew Rockwell is reporting that Mitt Romney’s private equity firm is buying radio behemoth Clear Channel.
What would it cost to buy the support of just about every nationally-syndicated neocon talk show host in America? About $19.5 Billion, which is what Mitt Romney’s private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country.
Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well.