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On Friday, Clear Channel closed the deal to sell its 56 television stations to Newport Television LLC for $1.012 billion.
Newport, a unit of Providence Equity Partners, amid market turmoil, negotiated a lower price than it had originally agreed upon, and ended up paying $212.5 million, or 17 percent, less than the original price announced 11 months ago, writes Mediaweek.
Clear Channel, which filed a lawsuit in February to force Providence to complete the deal, agreed to cut its asking price in order to see that the deal went through, according to Reuters.
In a separate transaction, Clear Channel is being sold to Thomas H. Lee Partners and Bain Capital. The Justice Department’s antitrust division signed off on the sale in February, with the stipulation that the company sell radio stations in four cities. The FCC approved the deal in January. The company expects the transaction to go through in the first quarter.
Clear Channel’s operating results for the first quarter were flat, reflecting a continued weak demand for radio advertising. Outdoor advertising performed better than radio in the quarter for the second quarter in a row, with revenue gains of 12 percent.…
Among the near-constant doom and gloom reporting about the newspaper industry, every now and then comes a story that points out how smaller, community newspapers are bucking the trend.
Small town newspapers are faring better than most of their regional…
Busy moms apparently aren’t willing to waste their “me time” watching television commercials.
According to new research from MindShare that focused on American mothers, reading, surfing the web and watching television were the top me-time - or personal down-time -…
Ryan Seacrest is in talks with CNN to replace Larry King, according to sources close to Seacrest.
The source, however, also says, “I don’t think it’s going to happen,” writes Fishbowl LA.
Seacrest is currently host of E! News, American Idol…
Editors at Hachette’s digital operation will do well to have their digital skill sets firmly behind them. The company has reportedly chopped 15 editorial jobs from a staff of about 100 in its digital operation; those positions will eventually be…
Most CMOs with more than 10 years of experience describe themselves as “extremely loyal” to specific brands, according to a survey of marketing officers at Fortune 100 companies conducted by LoyalTV.com, a video sharing website.
92 percent of CMOs with…
