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May 07, 2007
In Radio Industry, A Sale Is Not A Sale Until...
So much for all of the press about the supposed sale of Clear Channel to a private equity group led by Bain Capital. Clear Channel's board has rejected both the initial deal as well as a "sweetened" deal, according to Media Post Publications.
This is a great example of news outlets manufacting news before it actually exists to create buzz and gather eyeballs.
We had hoped that Bain would bring in some fresh management perspective perhaps more focused on improving the radio content rather than making radio ads sound like content. According to the Media Post article, Clear Channel will likely sell off its non-radio businesses, namely the outdoor advertising business, to focus on its radio business.
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