Providence Equity Buys Clear Channel's TV Group
Given its emphasis in the media sector, Providence Equity Partners is adding the Clear Channel group to current investments in Univision and Freedom Communications, which has nine stations.
Bank of America analyst Jonathan Jacoby wrote Friday that Clear Channel looks to have gotten a favorable deal in the TV area--he estimated the stations would go for 20% less, although a JP Morgan report said the stations might have fetched as much as $1.3 billion.
The sale includes the stations' related Web sites, digital multicast outlets (18 so far) and wireless operations. All three areas are currently slow-growth, but viewed as potential revenue expansion territory.
The portfolio houses a series of duopolies and triopolies, including two stations in top-50 markets, such as Cincinnati, Salt Lake City and Jacksonville. Twenty-seven stations are affiliated with the Big 4 networks.
Clear Channel is in the midst of sweeping efforts to transform itself, looking to go private. The entertainment company announced Friday that it is selling 161 radio stations for $331 million.
Clear Channel is hardly the only station group to benefit from flush private-equity dollars. The New York Times Co. shed its nine stations for $575 million last year. Earlier this month, Tribune opted to go private with its holdings, which include stations in the country's three largest markets.
Recent MediaDailyNews Articles
-
Traditional Radio Revs Flat, Digital Revs Up 9% May 19, 4:26 p.m.
Radio advertising revenues were flat at $3.5 billion in the first quarter of 2013, unchanged from ... -
Original 'Voice' Judges Return May 17, 5:41 p.m.
The original quartet of coaches for “The Voice” will return for the fifth season this fall. ... -
Van Wagner Partners With CineSport For Online Video May 17, 5:34 p.m.
Van Wagner Communications’ Sports and Entertainment division is joining forces with CineSport, partly owned by Van ... -
'Idol' Falls, 'Bang' Leads Thursdays May 17, 3:38 p.m.
The TV broadcast network environment is definitely shifting -- as evidenced by the last major night ... -
Sapient Revs Up 12%, Optimistic About 2013 May 17, 2:47 p.m.
Marketing services company Sapient reported first-quarter revenues of $292.6 million -- up 12% from the same ... -
KSE Finalizes Outdoor Channel Buy May 17, 11:08 a.m.
An entity controlled by sports entrepreneur Stan Kroenke has finalized its acquisition of the Outdoor Channel ... -
'Tonight' Still King Of Late-Night TV May 17, 10:49 a.m.
While NBC proceeds to set up its late-night changes for next year, "The Tonight Show with ... -
U.S. Open Going Cable-Only, Moves To ESPN May 17, 9:18 a.m.
After decades on the network that saw stars from Ashe to Navratilova to Federer win, the ... -
USA Looks To Make Comedy King In The New Season May 16, 10:22 p.m.
What do you do when you’re the last network putting on the last event of the ... -
Comedy Central Goes Dark To Simulcast New Radio Channel May 16, 6:12 p.m.
For the first time since its tribute to Johnny Carson 20 years ago, Comedy Central will ...
Be the first to comment on "Providence Equity Buys Clear Channel's TV Group"
Leave a Comment