October 3, 2011 |
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.
March 15, 2011 |
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.
October 6, 2010 |
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 ?
February 27, 2010 |
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.
July 31, 2008 |
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.
July 25, 2008 |
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.