Tuesday, September 25, 2007

Clear Channel starts the long, slow fade-down

The evilest radio media empire in the US, Clear Channel, is starting to smash itself to pieces. It's shareholders gave approval for the sale of itself to a private equity partnership, Thomas H. Lee Partners LP and Bain Capital Partners LLC, with a plan for the new CC to slim down by selling off its television holdings and 440 of its smaller radio stations - roughly a quarter of its total. It still owns more stations than anyone else, but at least there's a bit of room for some plurality now.

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