Friday, November 03, 2006

Google Interested In Radio Biz

Report: Google Interested In Purchasing Stake In Clear Channel
November 2, 2006, www.fmqb.com

Multiple experts are suggesting Google could be a good fit as a potential buyer for at least a minority stake in Clear Channel, which has been surrounded by talks of a potential buyout. Analyst David Bank of RBC Capital Markets said in a note yesterday that he believed it would make logical sense for the Internet giant to buy into CC.
Bank says that Google may be looking to expand its advertising business, especially into the realm of local searching. He notes that the company has recently hired "high profile" radio sales people in New York, Washington, Baltimore, Atlanta, and Chicago.
"The radio market is by definition a local market, deriving 80% of its revenue from local advertising," Bank writes. "So the radio market would be a logical add-on for Google."...read more: here