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The proposed takeover of Clear Channel Communications has a better chance of becoming reality with the announcement that Highfields Capital Management, one of Clear Channel’s largest shareholders, has changed its position and agreed to vote all of its shares in favor of a proposed transaction.
In March, Highfields officials said they planned to oppose the merger, writes the Wichita Business Journal. Thomas H. Lee Partners and Bain Capital Partners have since raised the initial bid for the company - $37.60 per share - to $39.20. The companies have also worked with Highfields Capital’s management to restructure the deal.
In the latest offer, shareholders that elect to receive stock in the new entity will receive equal treatment in all dividends and distributions, and voting representation on the board, according to Highfields officials.
The vote, which had been rescheduled for May 22, has once again been postponed. A new date has not yet been scheduled.
Katz Media Group has added another new client, Lincoln Financial Media, and will sell ad time on the company’s 15 stations beginning immediately.
Katz also added CBS Radio and Entercom last week, picking them off from Interep’s list.
Katz has also…
Last week, Aegis Group CEO Robert Lerwill resigned unexpectedly, sparking speculation that a takeover may be on the horizon.
Lerwill stepped down officially today (Monday), with Aegis chairman John Napier taking over his duties on an interim basis, writes MediaPost. People…
Out-of-home companies are bracing for the recession like everyone else, but they may not feel the sting as badly as other media.
Though the third quarter brought negative growth to the nation’s three largest OOH companies - Clear Channel Outdoor,…
The 82nd annual Macy’s Thanksgiving Day Parade pulled an average 12.6 rating/26 share on Thanksgiving morning, Nov. 27, according to Nielsen.
That was 8% higher than its telecast last year, Mediaweek writes. NBC estimated that a total 44.7 million viewers…
Top American non-luxury auto brands received higher ratings and less negative comments from online consumers than competing Japanese brands, according to an analysis of consumer opinions collected from automotive review websites by Biz360, MarketingCharts reports.
The research, which aggregated a year’s…
Email, news gathering and paying bills continue to be the most widely used online activities among U.S. adults, but downloading TV programs, watching videos and making web phone calls posted the biggest overall growth, according to data from Mediamark Research…
