Isn't this convenient: Mitwit is buying Clear Channel

Mitt Romney’s 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 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.

http://www.chrisbrunner.com/2007/12/13/mitt-romney-to-buy-clear-channel-communications/

He will stop this ASAP.

http://www.theage.com.au/ffximage/2006/03/27/svBERLUSCONI_wideweb__470x312,0.jpg

BTW...some of the money that Bain is using for this deal is coming from our "good friends" at the Carlyle Group. Sorta looks like the boooshies have their bailout set for their loyal toadies Mark and Lowery Mayes, Tom Hicks and the other crooks at Cheap Channel.

This deal was supposed to have been done by January 1 and now has been delayed until June...if not later. Rumors have been that Bain wants to renegotiate the sale price downward cause they can't get all the funding together...the recent FCC dereg gave this deal more breathing room...(now ya wonder why it was ramroded like it was??) but the sour markets and people starting to sit on their money is hurting this deal. Cheap Channel was supposed to unload many of their smaller, unprofitable stations but can't find buyers for the inflated prices they're asking, credit is real tight and radio revenues continue to circle the bottom of the drain. People investing in radio right now would do better throwing their money down a drain or trying to buy out a leveraged mortgage.

But I'm sure somewhere/somehow the money will show up, the deal will get done and money will be made with debts defered and our public airwaves further milked for personal profit.

This sounds a lot like Dick Cheney's ties to Halliburton just before he was selected as Vice-President. Is Cheney, Oil Guy, to be followed by Romney, Media Guy?

Control over energy AND media equals _____, insert your own invective in the space provided..

I drive a truck, so I listen to a lot of radio. Stumbled onto Sean Hannity's daily dose of Republican talking points, and resisted the gag reflex long enough to hear him humping Mitt Romney's leg on the eve of the Michigan primary.

Mitt's gonna OWN Sean now. No wonder...and the Bushies are on board with Mitt, too.

Romney is clearly the choice of the Haves and the Have-Mores...W's base.

These are the same people responsible for literally shoveling out billions in ca$h in Iraq, a sum of money visible from space!

I don't like the smell of this one little bit.