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The Clear Channel Selloff Continues...This Time, Television

Here's CC's official news release about the pending sale.

Clear Channel Communications Inc (CCU)
News Release
Clear Channel to sell television group for $1.2 bln
04/20/2007 08:13 AM EDT
Copyright 2007 Reuters
April 20 (Reuters) - Clear Channel Communications Inc. said it agreed to sell its television group to Providence Equity Partners Inc. for about $1.2 billion.

The sale includes 56 television stations located in 24 markets across the United States, the U.S. radio station operator said in a statement.

Clear Channel also said it continues to pursue the divestiture of 287 radio stations in 54 markets. (Reporting by Sayantani Ghosh in Bangalore)
 
i saw a teaser up above that said "clearchannel fire sale continues" if you call 17x bcf a fire sale in todays market ....."SALUTE"

i think they got quite a buck for them.....and since providence is aligning them with bluestone instead of their other investment, FREEDOM GROUP, it creates a pretty high billing, second TV company for providence capital......

CC was a lways respectful to TV but i think they would have sold the group off at some point anyway......

very tough when virtually all your programming outside of prime costs you $$$ and if you'r an indy...almost all your programming cost you $$$......
 
Seventeen Times Cash Flow...I simply can't wrap my arms around that. How can a buyer ever expect any upside if they pay that much? Doesn't make much sense.
 
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