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Clear Channel TV Sale Complete

C

CNYRadio.com

Guest
News came out late Friday...

http://www.cnyradio.com/2008/03/15/clear-channel-sells-tv-division

It's not even posted in the news section of the Providence Equity Partners website as of early Saturday morning. Must have been either very-secret talks (so secret Providence didn't even let their PR person know to have a news release ready) or all-day negotiating that ended too late in the day for Providence's PR.

Clear Channel DID have a very brief news release posted:
http://www.clearchannel.com/Corporate/PressRelease.aspx?PressReleaseID=2148
 
Here is the press release from Providence:

http://www.provequity.com/news/releases/CCTV Deal Press Release 3-14-08 FINAL.pdf

Note the emphasis on the price reductions of the deal. Considering that the deal came extremely close to falling apart, I'm surprised CC didn't try to give them an even better offer. Then again what can you expect from the Mays. I was actually hoping this thing would be taken to court and be ruled in Providence's favor just to stick to CC.

Oh well. Look for a hacksaw coming to a Newport-owned station near you soon.
 
I'll be extremely P-O'ed if anything changes to those stations. They're fine the way they are, and #1, why change a thing?
 
Even though the company has gone private, it's not owned by broadcasters. It's owned by investors. Usually #1-rated stations are left alone... so as not to risk disrupting cash flow -- profits that could very well be making up for losses at lesser stations. Speaking of lesser stations, those are usually where cuts are made first. But if the new owners go in absolutely hell-bent on finding at least some fat to be trimmed at every single station, you can bet they'll "find" what they're looking for, one way or another.
 
Shall we expect some changes at WIVT? Also, they'll have a terrible time finding somebody to fire at WWTI's staff of 3.
 
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