Tuesday, Dec. 08, 2009
Clear Channel Lowers the Volume
Bain Capital and THL Partners had to sue six banks to get them to finance the deal to take over Clear Channel Communications, the nation's largest radio-station operator, a deal that was first agreed to in 2007. In the interim, the sky fell, and so did radio advertising revenues. Although Bain/THL eventually made the deal at $36 a share — $3.20 less than their original offer — music coming out of the radio business these days is anything but sweet. And the more than $17 billion in debt taken on to complete the deal has got to be feeling very, very heavy.