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BUSINESS
February 27, 2010 | By Walter Hamilton and Tiffany Hsu
The parent company of the Carl's Jr. hamburger chain got a juicy buyout offer -- but it may not be nourishing enough for shareholders. CKE Restaurants Inc. said Friday that it had agreed to be bought by a Boston private equity firm for $619 million plus the assumption of about $309 million in debt. The $11.05 a share cash offer from Thomas H. Lee Partners represented a 24% premium over its closing price a day earlier. But in an unusual move, the Carpinteria, Calif., company also said it would "actively solicit" competing bids from other would-be buyers through April 6. Buyout deals normally are ironclad and are larded with hefty breakup fees to dissuade rival bids.
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BUSINESS
February 1, 2012 | By Joe Flint, Los Angeles Times
Ryan Seacrest and his radio show partner Clear Channel Communications Inc. are taking their relationship to the next level. Private equity funds controlled by Clear Channel's majority owners, Thomas H. Lee Partners and Bain Capital, have committed up to $300 million to acquire and develop properties with Ryan Seacrest Media, the producer and television and radio personality's holding company. Furthermore, Clear Channel itself has taken an undisclosed minority stake in Ryan Seacrest Productions.
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BUSINESS
February 14, 2008 | From Times Wire Services
Clear Channel Communications Inc.'s $19.5-billion sale to two private equity firms cleared its final regulatory hurdle with approval by the Justice Department's antitrust division. The purchase by Thomas H. Lee Partners and Bain Capital can proceed if Clear Channel sells radio stations in four cities, the Justice Department said.
BUSINESS
January 17, 2012 | By Joe Flint, Los Angeles Times
Looking to expand its foothold beyond the AM-FM dial, radio giant Clear Channel has tapped entertainment industry veteran John Sykes to lead a push into television, digital and live events. Clear Channel, the nation's biggest owner of stations with 850 outlets across the country including KIIS-FM, KOST-FM and KBIG-FM in Los Angeles, wants to leverage its strength in radio across a wide range of platforms. "We can use that horsepower to create new products," said Bob Pittman, chief executive of Clear Channel parent company CC Media Holdings Inc. The hiring of Sykes is the first major move by Pittman since becoming chief executive of CC Media last November.
BUSINESS
July 31, 2008 | From Times Wire Services
Clear Channel Communications Inc., the largest U.S. radio broadcaster, said Bain Capital Partners and Thomas H. Lee Partners completed their $17.9-billion buyout of the company. The closing of the sale comes almost two years after the San Antonio company agreed to be purchased by the private equity firms.
BUSINESS
January 26, 2006 | From Reuters
Thomas H. Lee Partners, the buyout firm, has lost $1.36 billion from its investment in Refco Inc., the commodities and futures broker under bankruptcy protection, regulatory filings show. In a Wednesday filing with the Securities and Exchange Commission, the firm estimated that the fair market value of its Refco common stock was $21.5 million as of Dec. 31. That's down from $1.38 billion as of Sept. 30, according to an SEC filing Nov. 10.
BUSINESS
December 22, 2005 | From Associated Press
Thomas H. Lee plans to leave the $12-billion private equity firm he started 31 years ago to launch a New York-based investment fund, the company said Wednesday. Lee, the 61-year-old chief executive and chairman of Boston-based Thomas H. Lee Partners, told the staff of his intention to leave in an e-mail Wednesday.
BUSINESS
April 5, 2008 | From Times Wire Services
Citigroup Inc. and five other banks sued Clear Channel Communications Inc. and its buyers, Bain Capital and Thomas H. Lee Partners, a week after the banks were sued for refusing to fund the $19.5-billion acquisition. The banks stand to lose at least $2.7 billion if forced to fund the deal because loan prices have fallen since they agreed to the transaction last April. They are seeking to limit their liability to $600 million, according to the countersuit filed in New York.
BUSINESS
November 18, 2003 | From Bloomberg News
Thomas H. Lee Partners, the world's second-biggest buyout firm, agreed to buy Simmons Co. in a transaction valuing the maker of Beautyrest and BackCare mattresses at $1.1 billion. Simmons was started 132 years ago by Zalman Simmons to build wooden cheese boxes. Today, the Atlanta-based company is the second-largest bedding maker, after Sealy Corp. Simmons had earnings of $24 million in 2002 and revenue of $670 million. Thomas H.
BUSINESS
October 3, 2011 | By Dawn C. Chmielewski and Alejandro Lazo, Los Angeles Times
An entertainment industry veteran best known as the co-founder of MTV has been named chief executive of the parent company of Clear Channel Communications, the nation's largest radio station operator. Bob Pittman, 57, joined the company in November as an investor and chairman of its media and entertainment platforms. He is the first head of Clear Channel — which has 850 radio stations across the nation — not from the founding Mays family. The company was bought by private equity firms Bain Capital and Thomas H. Lee Partners in 2008, and is laboring under close to $20 billion in long-term debt at a time when traditional radio faces intense competition from online and satellite operations.
BUSINESS
March 15, 2011 | Meg James, Los Angeles Times
Univision Communications Inc.'s chief executive, Joe Uva ? who guided the Spanish-language media giant through several turbulent years ? said he was stepping down. The company said Monday in a statement that Los Angeles billionaire Haim Saban, chairman and a key investor in Univision, would assume "additional responsibilities" while a search is underway to find a new chief executive. Uva's last day with the New York-based media company will be April 2. Univision declined to address the departure of Uva, 55, other than to say in a statement that Uva decided not to renew his employment agreement "in order to be able to seek other opportunities.
BUSINESS
October 6, 2010 | By Meg James, Los Angeles Times
After years of acrimony, the hemisphere's two largest Spanish-language media companies have decided they need each other after all. Tuesday, Grupo Televisa of Mexico City said that it had provided Univision $1.2 billion in exchange for a 5% stake and notes that eventually could convert into an ownership interest of as much as 40% in the New York-based Latino media giant. Televisa also agreed to provide its highly popular telenovelas to Univision exclusively at least through 2020 ?
BUSINESS
February 27, 2010 | By Walter Hamilton and Tiffany Hsu
The parent company of the Carl's Jr. hamburger chain got a juicy buyout offer -- but it may not be nourishing enough for shareholders. CKE Restaurants Inc. said Friday that it had agreed to be bought by a Boston private equity firm for $619 million plus the assumption of about $309 million in debt. The $11.05 a share cash offer from Thomas H. Lee Partners represented a 24% premium over its closing price a day earlier. But in an unusual move, the Carpinteria, Calif., company also said it would "actively solicit" competing bids from other would-be buyers through April 6. Buyout deals normally are ironclad and are larded with hefty breakup fees to dissuade rival bids.
BUSINESS
July 31, 2008 | From Times Wire Services
Clear Channel Communications Inc., the largest U.S. radio broadcaster, said Bain Capital Partners and Thomas H. Lee Partners completed their $17.9-billion buyout of the company. The closing of the sale comes almost two years after the San Antonio company agreed to be purchased by the private equity firms.
BUSINESS
July 25, 2008 | From Times Staff and Wire Reports
Clear Channel Communications Inc. shareholders approved a $17.9-billion takeover of the largest U.S. radio broadcaster by Bain Capital Partners and Thomas H. Lee Partners. Investors representing 74% of shares outstanding voted for the purchase by the private equity firms at a meeting in San Antonio, Clear Channel said. The $36-a-share buyout will be completed July 30, it said.
BUSINESS
May 14, 2008 | From the Associated Press
Clear Channel Communications Inc. said late Tuesday that it had resolved a legal dispute over its buyout, clearing the way for prospective buyers to take the radio and outdoor advertising company private. Under the agreement, Clear Channel shareholders would get $36 a share, down from the earlier price of $39.20 a share. That reduces the deal's value to $17.9 billion from $19.5 billion. The company, based in San Antonio, and its private equity buyers, Bain Capital and Thomas H. Lee Partners, had filed separate lawsuits against a consortium of six banks, accusing them of trying to undermine the deal by changing the terms.
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