Less Public Information About Clear Channel Posted by Bob at 11/16/06 10:17 AM

The biggest owner of the nation's radio airwaves is going private.

Clear Channel announced this morning that it has agreed to be sold to an investor group led by private-equity firms Thomas H. Lee Partners and Bain Capital Partners for $18.7 billion in cash.

One extremely troubling result of the deal is that there will soon be a lot less public iinformation available about Clear Channel. Public companies are required to disclose much more information than private companies about their operations and financial dealings to the Securities and Exchange Commission.

When it comes to radio, no one has ridden the recent wave of media consolidation better than Clear Channel. The San Antonio-based company owned just 43 radio stations and 16 television stations when the landmark Telecommunications Act of 1996 was passed by Congress. It now owns 1,150 radio stations and 42 television stations.

In a related announcement this morning, Clear Channel also unveiled plans to sell 448 of its 1,150 radio stations, all located outside the top 100 U.S. media markets, as well as the company’s 42-station television group. Collectively, the company says, those properties contributed less than 10 percent of the company’s revenues last year.

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