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Just 24 hours before the shareholder vote on the Clear Channel takeover bid, Thomas H. Lee Partners and Bain Capital raised their offer by more than $1.5 billion.
The private equity firms raised the bid in the face of shareholder opposition to the original offer, which shareholders were expected to reject. The new offer of about $27.6 billion equals $39 a share, compared to the $37.60 of the original bid, writes The New York Times. The new bid is expected to please some shareholders, but others, like Fidelity Investments, were hoping for at least $40 per share.
The private equity firms offered earlier this week to restructure their offer in a way that would give more value to shareholders, but Clear Channel rejected the proposal.
Citadel Broadcasting has underperformed the industry, particularly in the larger markets, in the last six to nine months, chairman/CEO Farid Suleman said during its second-quarter earnings conference call today.
However, he said (via Radio Ink), the changes the company has made…
Former NY Times reporter Sharon Waxman writes that Adweek, Brandweek, Mediaweek, and Editor & Publisher, along with dozens of other titles at Nielsen Business Media, are for sale.
Waxman cites two “solid sources,” both of whom say the Nielsen Company has quietly…
Some 88 percent of mobile users in the U.K. are willing to receive pre-roll mobile ads in return for free video content, according to 4th Screen Advertising’s AdIndex for Mobile research, conducted by Dynamic Logic, reports MarketingCharts.
Mobile pre-roll ads, which…
In case there aren’t enough shows featuring bodily function humor and plenty of rude noises, tween boys will soon have a new television channel geared just to them. Disney, which has earned so much of its bread and butter parading…
The surprisingly positive results of last Friday’s Yahoo shareholder vote prompted Capital Research Global Investors to demand a recount, after which the group discovered that the proxy voting intermediary made “significant errors,” reports Mediapost (via MarketingVOX).
The first tally showed 85 percent of…
A record-level 13.6 million college students (age 18-30) will soon arrive on campus and account for a record $237 billion in spending this year - up 20 percent from ‘07, according to Alloy Media + Marketing’s 8th annual College Explorer study,…
