Mitt Romney's VC Firm to Buy Clear Channel

[LunaSea]

Ugh, this can't be good.

"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."

"It should be noted that Mitt Romney, while no longer the CEO, remains a silent partner of Bain Capital."

http://www.lewrockwell.com/blog/lewrw/archives/017694.html

[librechik]

1. good grief. The race is ON over who is crookedest in the Republican Party

I have my money on Rudy. But Willard is just as amoral, lots richer, and is a better-looking Used Car Salesman than Rudy will ever be.

Incredible. This country can't go down the toilet any faster. We don't have a chance in hell when the candidate can just buy up ALL the radiostations and billboards in one fell swoop. Can this be legal?!

[Skidmore]

2. Well, damn. Arent' we going to protest this to the FCC?

Seems to me that a presidential candidate should not be buying media corporations during an election.

[KamaAina]

3. Lew Rockwell isn't the best source, but it's in the Globe and elsewhere

Rockwell, of course, once worked for Ron Paul. As to the CCA/Bain Deal, it's been in the works for some time now.

http://www.boston.com/news/local/massachusetts/articles/2007/12/12/clear_channel_firms_extend_buyout_agreement_until_june

SAN ANTONIO—Clear Channel Communications Inc. and the Boston-based private equity firms that plan to acquire the company extended the expiration date for their buyout agreement Wednesday as they await regulatory approval of the deal.

more stories like thisThe $19.5 billion sale of the company to a group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC has been extended until June 12. The deal had initially been expected to close by year's end but got delayed as the buyers were forced to offer more money to win shareholder approval.

In October, Clear Channel shareholders finally approved the buyout offer, the third in a series made by the equity firms, which faced resistance from several large shareholders.