watchfull times..
From InsideRadio (a radio industry publication)
Partners’ proposed $19.5 billion buyout. Among the FCC’s requirements is Clear Channel must sell 42 top 100 market stations and the Commission “strongly” encourages them to be sold to women and minority-run businesses. The FCC is also requiring the two private equity firms to either sell their stake in Cumulus Media Partners, or reduce it to a non-attributable share. CEO Mark Mays says “We’re excited by the unanimous decision of the Commission. We’re on track to close the transaction in the first quarter 2008.” The unanimous ruling included the FCC’s two Democrats, who while voting in favor of allowing the transaction, expressed concerns. Commissioner Michael Copps called it a “close call” saying he has “mixed feelings” about approving the deal, since the FCC has not yet studied the impact of private equity on media ownership. While the FCC rejected allegations of “anticompetitive sales practices” brought by other owners, commissioner Jonathan Adelstein believes the FCC should continue its investigation. The deal still needs DOJ approval.
John’s Note: we’re market #59
