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Clear Channel selling in NYC

N

NHRadio

Anyone see the public notice on page 50 of today's NY Post about selling WAXQ, WLTW, and WWPR?
The maze of interconnected CC companies is amazing. The notice says the buyer is "Stockholders of BT Triple Crown Merger Inc". Anyone know how much? Gotta be north of 200 million.

For those who missed it, it's almost funny...
"AMFM Radio Licenses LLC is a wholly-owned subsidiary (WOS) of Capstar Radio Operating Company, which is a WOS of AMFM Texas Broadcasting LP, whose Gen. Partner is AMFM Broadcasting Inc, which is a WOS of AMFM Radio Group Inc, which is a WOS of AMFM Operating Inc, which is a WOS of Capstar Broadcasting Partners Inc. which is a WOS of AMFM Holdings Inc, which is a WOS of AMFM Inc, which is wholly owned by Clear Channel Communications Inc, a publicly traded company."

Makes one dizzy, doesn't it?
 
NHRadio said:
Anyone see the public notice on page 50 of today's NY Post about selling WAXQ, WLTW, and WWPR?
Click to expand...

All they are doing is transferring the licences to one holding coropration. They are doing this for all 1000+ stations domestically.
 
The Post printed a public notice of an application to the FCC to "for transfer of control of Clear Channel Communications Inc. the corporate parent of AMFM Radio Licenses LLC, the licensee of WAXQ 104.3, WLTW 106.7 and WWPR 105.1 MHZ in New York, NY from its current shareholders to Stockholders of BT Triple Crown Merger Co, Ltd."

I'm not an expert in financial matters, and it may very well be corporate housekeeping related to CC going private, but it looks to me that the "Thomas H Lee Equity Fund VI, LP" is taking a greater than 10% stake in CC. Bain Capital already has a nice chunk as well.
Hmmm, BT....Bain/Thomas? Maybe this is the new entity that will own CC?
 
BT Triple Crown is the new entity. They'll take transfer of the assets, the old Clear Channel structure will be renamed and eventuall liquidated and BT Triple Crown will likely be renamed Clear Channel Communications.
 
This is simply public notice of the recently-filed Form 315, which was filed for every single station owned by Clear Channel. The Commission requires this form any time there is a proposed change in the controlling structure of any company owning radio or TV stations. Since two investment firms are purchasing the majority of the stock of Clear Channel, said application, and approval from the FCC, is necessary. The public notice, in summary, was not notice that Clear Channel was selling their New York stations, but rather that the stock of Clear Channel was being sold.
 
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