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November 16, 2006
Clear Channel Acquired, Not By Google
Clear Channel announced today that it has agreed to be acquired by a group of private investors for $18.7 Billion. You can read the news story here, and Clear Channel's press release here.
It appears from the public announcemnts that Clear Channel's management team will stay in place. Will they alter their "Less is More" strategy? Will they sell $1Billion in radio advertising inventory to Google? One thing is for sure: once you take on business partners like Bain Capital and Thomas Lee Partners, you'd better be ready to pull out all the stops and deliver profits. These are some of the brightest minds in business and they are backed by a lot of money. They will demand that management deliver a sky-high return on their investment. It will be very exciting to see what changes take place at Clear Channel.
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