Media conglomerate Clear Channel's owenership change was completed yesterday. In Texas, many of the billboards in entire markets are entirely controlled by this company. Clear Channel has a significant impact on many political campaigns in Texas. Noted for donating (and reseerving) many billboards to their owner's favored right wing conservative campaigns, Clear Channel is a media which has utilized its resources to change (or keep) the Texas Political landscape conservative.
The new owners
The managing directors of the Boston-based TH Lee Parnership equity firm are:
Todd M. Abbrecht, Richard J. Bressler, Charles A. Brizius, Margaret W. Covell, Anthony J. DiNovi, Thomas M. Hagerty, David V. Harkins, Charles P. Holden, Scott L. Jaeckel, Seth W. Lawry, Soren L. Oberg, Joseph F. Pesce, Scott A. Schoen, Scott M. Sperling, George R. Taylor, Kent R. Weldon, Gregory A. White, Shari H. Wolkon,
DIRECTORS:
Joshua M. Nelson and Vivek Sharma
PRINCIPALS:
James C. Carlisle, Ganesh B. Rao, Jeff T. Swenson and J. Lucas Wimer.
VICE PRESIDENTS:
Joshua D. Bresler, Hobart A. Cook, Alexandra L. DeLaite, Daniel G. Jones, Dhruv A. Prasad, Jeremy Tan, Douglas H. Vandenberg
ASSOCIATES:
Joseph N. Benevento, Michael Beregovsky, Garrett B. Bockenek, Warren W. Chia, Varun P. Chopra, Kemper Diehl, Andrew Mayer, Megan Melican, Justina Wang and Elizabeth C. Williamson
Thomas H. Lee Partnership own Nielsen, a leading global media company providing marketing and media measurement information. Many advertising buyers base their advertising decisions upon viewership/readership data provided by Nielsen.
Another holding of T.H.Lee is UNIVISION, the Spanish-language media company which has top ratings in several key U.S. media markets.
They also own WARNER MUSIC GROUP, the hird-largest recorded music and third-largest music publishing company in the world. and CUMULUS, the largest privately-owned radio broadcasting company in the United States.
See list of holdings.
Clear Channel Goes PrivateRead more in RADIO INK.
SAN ANTONIO -- July 30, 2008: As expected, the $17.9 billion buyout of Clear Channel Communications closed Wednesday. The merger is with an indirect wholly owned subsidiary of CC Media Holdings, the corporation formed by private equity firms Thomas H. Lee Partners and Bain Capital to complete the transaction that takes Clear Channel private. CCU stock will cease trading with the close of the market today.
"Today is a great day for our loyal and patient shareholders and, importantly, puts our company in the financial and operational position to continue to lead beneficial change in both of our core businesses," said Clear Channel CEO Mark Mays. "We are deeply grateful to our loyal employees who have remained focused and generated terrific results through their hard work and dedication."
TH Lee co-President Scott Sperling said, "We are pleased to have closed the acquisition of Clear Channel in partnership with Bain Capital Partners, the Clear Channel management team, and major public shareholders such as Highfields Capital Management and Abrams Capital. Clear Channel's strong leadership position in the radio and outdoor advertising business provides advertisers with an unparalleled platform from which to cost-effectively reach their target audiences locally and nationwide. We look forward to working with our management partners to continue building this great company."
John Connaughton, a Managing Director at Bain Capital, added, "We are very happy to have completed the purchase of Clear Channel. We continue to be impressed with the company's strong management team and its leadership position across its markets and media formats. We look forward to working with Thomas H. Lee Partners, Clear Channel management, and major public shareholders such as Highfields Capital Management and Abrams Capital to continue to strengthen Clear Channel's competitive franchise and drive value over the long term."
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