Clear Channel Outdoor Holdings said late Monday that its indirect wholly-owned subsidiary, Clear Channel Worldwide Holdings is selling about $1.25 billion in notes via a private offering. Clear Channel Worldwide plans to loan proceeds of the nets to another unit, Clear Channel Outdoor (CCOI), which will make a special cash dividend to Clear Channel Outdoor [...]
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Ryan Seacrest has gone private equity.
Thomas H. Lee Partners and Bain Capital have committed to invest up to $300 million in Ryan Seacrest Media, the investment company from the “American Idol” host. RSM will use the funds to “identify, acquire and develop innovative” media company, media content and other properties.
Recent IPO filings by the likes of Freescale Semiconductor Inc. and HCA Inc. may lead some to conclude that mega-buyouts circa 2005-2007, once at grave risk from the recession, are finally in the clear.
That may turn out to be the story. But an article published last week by three credit analysts at ratings agency Standard & Poor’s—Allyn Arden, William Wetreich and Kenneth G. Drucker—suggests many of the largest deals from the golden age of private equity remain at risk of defaulting on their debt obligations (see table, next page). Were the economy to stall, or worse, they could well go belly-up.
Bob Pittman – the one-time head honcho of MTV Networks, AOL, and AOL Time Warner and founder of the New York-based private equity firm Pilot group — has made a personal equity investment in CC Media Holdings, the holding company of Clear Channel. Pittman will serve as the company’s Chairman of Media and Entertainment Platforms. PRESS RELEASE: CC [...]
(Reuters) – Outdoor advertising company Clear Channel Outdoor Holdings Inc (CCO.N) posted a narrower-than-expected quarterly loss, helped by improved advertising spending and lower expenses. First-quarter net loss narrowed to $48.8 million, or 14 cents a share, from $91.4 million, or 25 cents a share, a year ago. Revenue rose 5 percent to $608.8 million and [...]
Robert Walls has joined Clear Channel Communications as executive vice president and general counsel. He had been a co-founder and managing director with Post Oak Energy Capital, a private equity and debt firm focused on the energy services market. Clear Channel is owned by private equity firms Bain Capital and THL Partners.
NEW YORK (Reuters) – Debt-laden radio company Clear Channel on Monday said its outdoor unit completed raising $2.5 billion in the high-yield debt market, removing concerns about the company’s short-term liquidity. Proceeds will be used to repay debt owed to Clear Channel. Private equity firms THL Partners THL.UL and Bain Capital together bought radio operator [...]
NEW YORK (Reuters) – Standard & Poor’s on Friday raised its ratings on Clear Channel Communications and gave it a positive outlook, indicating further upgrades could be on the cards, citing the planned debt sale at its advertising unit. A unit of Clear Channel Outdoor Holdings Inc (CCO.N) plans to sell $750 million in new [...]
(Reuters) – Clear Channel Communications Inc’s outdoor advertising business is in talks with lenders to raise as much as $2.5 billion in the high-yield market, the Wall Street Journal reported, citing people familiar with the matter. A deal will likely come in the next two weeks, though the timing and the size remains uncertain, the [...]
NEW YORK (Reuters) – The private equity firms that own U.S. radio operator Clear Channel Communications Inc, denied a story by The New York Post, which said banks have refused funding assistance. “The New York Post story about Clear Channel today is dead wrong, and we told them so,” a representative for private equity firms [...]