Wednesday, October 25, 2006
Clear Channel Is For Sale!!!!
October 25, 2006
In a suprising move, Clear Channel Communications has announced that they are officially for sale. For investors in satellite radio this could well be a catalyst in at least establishing a bottom for these equities. this news changes the landscape for radio, and more specifically for satellite radio.
Since inception, there have always been doubters of satellite radio. As of today, a traditional radio company is citing, among other reasons, competition from satellite radio as a contributing factor in a decision to sell off the company. This in and of itself lends credibility to the satellite radio model. Is it enough to set the bottom for SIRI and XMSR? That is yet to be determined. watch trading closely.
Article Excerpt:
Clear Channel puts itself up for sale
Clear Channel Communications, the largest US radio broadcasting group, put itself up for sale on Wednesday night, potentially unleashing an auction for the company that could value it in excess of $16bn.
The move follows serious talks that the Texas-based company has held with a number of private equity groups that have been studying a takeover of the group. This includes one consortium combining Providence Equity Partners, Kohlberg Kravis Roberts and Blackstone.
In a short statement, Clear Channel said it was "evaluating various strategic alternatives to enhance shareholder value" and had hired Goldman Sachs as its financial adviser.Interested SSG readers can catch the whole story HERE via Money Central 10/25/2006 10:58:00 PM
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