Mitt Romney’s VC Firm to Buy Clear Channel

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What would it cost to buy the support of just about every nationally-syndicated neocon talk show host in America? About $19.5 Billion, which is what Mitt Romney’s private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country. This is part of a negotiation that has been pending for over a year.

Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well.

In an email, Josh writes:

“I’ll bet those hosts won’t reveal that conflict of interest, but it’s worth noting when you hear them begin hyping Romney, which has already begun. A lot of GOP supporters will support whomever they are told to support, so be prepared for a big push for Romney. On the bright side, Romney has more vulnerabilities than Rudy, based on his record. Look at this as the GOP establishment doing us a favor. Rich men can bankroll their own campaigns (a la John Kerry), but it takes a special breed to use investors’ money to buy entire networks that can operate as passive wings of a presidential campaign.”

It should be noted that Mitt Romney, while no longer the CEO, remains a silent partner of Bain Capital.

14 comments to “Mitt Romney’s VC Firm to Buy Clear Channel”

  1. Comment by GordonUnleashed » Blog Archive » Romney Buys the Presidency:

    [...] Chris Brunner is reporting that “Mitt Romney’s private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country.”  Here’s more: Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well. [...]

  2. Comment by Mitt Romney to Buy Clear Channel Communications - Beast Toast:

    [...] Mitt Romney to Buy Clear Channel Communications Link —> Chris Brunner .com Blog Archive Mitt Romney to Buy Clear Channel Communications What would it cost to buy the support of just about every nationally-syndicated neocon talk show host in America? About $19.5 Billion, which is what Mitt Romneys private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country. Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well. [...]

  3. Comment by Matthew Bowler:

    Wow.

  4. Comment by Art:

    More power to them – if that’s what they want to do. Frankly, I don’t see the issue that so many want to make about this. Just like with CNN or other stations (be it TV or radio) , turn it off if you don’t like the programming.

  5. Comment by WT:

    People are waking up! The truth movement is spreading like wild fire all over the internet and as people perceive this sort of unfair advantage, it only serves to strengthen their determination to talk about real solutions to what’s killing this country. These mainstream media personalities have really been clueless to this fact. Or have they. I can’t believe they think we’re all that stupid.
    Who in the hell decided to label John McCain- ‘The Come Back Kid’? The real news is Ron Paul, who’s been chosen by the disenfranchised masses to represent their values. A grass-roots effort at best with little –if any–media coverage; raising more than $18,000,000,000.

  6. Comment by Humpday Linkage - Dec. 19/07 | The Uncanny Broadcasting Brain Blog v. 2.0:

    [...] US presidential hopeful Romney buys into media powerhouse Clear Channel (and don’t split hairs that it’s his VC firm, not him personally) [...]

  7. Comment by Drew:

    WT,
    Part of Ron Paul’s problem is his people don’t know how to count. I seriously doubt he raised $18,000,000,000 despite a fantastic quarter for him.

    I wonder where his money truly came from? Could some of it possibly be from democrats wanting to promote him so the Republican Party looks like a bunch of wackos? Maybe.

  8. Comment by Robert Peeler:

    Who owns you baby? Poor Little Rich Boy Mitt Strikes again….what a baby he is…he’ll do anything to be President. Voters need to sock it to him at the polls……ANY body but Mitt.

  9. Comment by middlechild:

    wow … ron paul has raised $18 BILLION dollars?! W7, check where you placed that decimal.

    regarding Gov. Romney, it should most certainly be a conflict of interest for him to have any part of purchasing a large communications company.

  10. Comment by Eric Worthington:

    Turn it off is what I’ve done. My wife and I used to be avid FOX watchers and Rush listeners, but we’ve taken a break during the primaries due to their reluctance to treat Governor Huckabee with the same foregiveness and “no spin” that they treat Romney and Rudy. Absolute power corrupts absolutely is an old addage, but it’s true.

  11. Comment by Mitt Romney and the Media-Politics and Government-EOG Sports Betting Forums:

    [...] Mitt Romney and the Media Get ready for the big push to get Mitt the nomination! Does anyone see a conflict of interest here? Mitt Romneys VC Firm to Buy Clear Channel What would it cost to buy the support of just about every nationally-syndicated neocon talk show host in America? About $19.5 Billion, which is what Mitt Romneys private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country. This is part of a negotiation that has been pending for over a year. Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well. It should be noted that Mitt Romney, while no longer the CEO, remains a silent partner of Bain Capital. Chris Brunner .com Blog Archive Mitt Romneys VC Firm to Buy Clear Channel [...]

  12. Comment by papa10:

    I agree with Eric Worthington, just turn off FOX and the others. I am very disappointed with the outright hostile bias of these pundits. Their crediblity is gone. I’m searching the internet for my news. I’m encouraging all my friends and acquaintances to vote for Mike Huckabee for President.

  13. Comment by Oh! No! The Democrats might restore the Fairness Doctrine « Suzie-Q:

    [...] And needless to menton, so does Clear Channel who owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well. [...]

  14. Comment by Davidson Smith:

    In fact, Romney raised 10 million dollars in one day a couple of weeks ago from well-heeled party bigwigs and Wall Street insiders, many of whom ponied up the legal maximum of $2,500 per person (or $5,000 per couple).

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