Clear Channel (CCU): Another Buy-Out Heads To Trash Bin
Thomas H. Lee and Bain Capital agreed to buy broadcast company Clear Channel (CCU) for $39.20 a share. As usual, several banks are putting up most of the money, an obligation of $18 billion in this case. With LBO debt…
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Thomas H. Lee and Bain Capital agreed to buy broadcast company Clear Channel (CCU) for $39.20 a share. As usual, several banks are putting up most of the money, an obligation of $18 billion in this case.
With LBO debt being written down right and left, it would be understandable if the banks had lost some of their lust for the transaction. According to The Wall Street Journal, the banks say the deal is in trouble because the two private equity firms have cold feet. The firms blame the banks.
Broadcast advertising revenue is falling apart, so it could be that all of the financial players involved would like out of the deal.
Then, it can end up in court.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
