May 14, 2008 |
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.
May 13, 2008 |
Clear Channel Communications Inc. and its prospective buyers are negotiating with banks to try to settle a dispute over whether the banks must fund promised loans for the $19.5-billion takeover, the radio and outdoor advertising company said Monday. Clear Channel shares jumped $2.87, or 9.6%, to $32.87. The company and its private-equity buyers, Bain Capital and Thomas H. Lee Partners, sued a consortium of six banks, accusing it of trying to undermine the deal by changing the terms.
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 1, 2012 |
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.
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 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.
January 17, 2012 |
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.
November 21, 2007 |
Univision Communications Inc., the Spanish-language broadcaster purchased in March by private investors, said three directors resigned from its board last month. Richard J. Bressler, James P. Carlisle and Scott M. Sperling resigned Oct. 17, the company said. Bressler and Sperling are managing directors of Thomas H. Lee Partners, one of the investment groups that took Univision private.
April 30, 2005 |
Neiman Marcus Group Inc. got bids from three buyout groups by its deadline, people familiar with matter said. Neiman Marcus received offers from three investment groups: Blackstone Group and Thomas H. Lee Partners; Kohlberg Kravis Roberts & Co. and Bain Capital; and Texas Pacific Group and Warburg Pincus, people involved with all of the groups said. The board of Dallas-based Neiman Marcus will meet over the weekend to consider the offers.
April 23, 2008 |
The banks involved in the $20-billion buyout of radio station operator Clear Channel Communications Inc. offered to enter binding arbitration with the private equity buyers to settle a dispute over funding. The offer, which came two days before a court hearing in the dispute, was rejected by the equity buyers, Thomas H. Lee Partners and Bain Capital Partners. The banks are Citigroup Inc., Morgan Stanley, Credit Suisse Group, Royal Bank of Scotland Group, Deutsche Bank and Wachovia Corp.