Muckety
 
 
 
 
 

Mays family awaits Clear Channel buyout

By Laurie Bennett

February 12, 2008 at 11:03am

For the Mays family, recent months have conjured Dickens’s Great Expectations.

The proposed $19 billion acquisition of Clear Channel, the broadcasting company founded by L. Lowry Mays, was announced more than a year ago. The buyers, Bain Capital and Thomas H. Lee Partners, reportedly delayed seeking approval from the Justice Department until they had cleared review by the Federal Communications Commission.

The FCC approved the deal on Jan. 10.

In the meantime, the market has had doubts about whether the acquisition would ever go through, with the stock price sliding precipitously in recent months. The Wall Street Journal has reported on speculation that Bain and THL will try to back out of the deal, citing declines in the company’s performance.

However, Clear Channel CEO Mark Mays and THL Partners principal Scott Sperling have said publicly that they believe the deal will close this quarter. And the Zurich-based investment bank UBS AG is obviously optimistic, filing notice with the SEC yesterday that it had acquired a 5.8-percent stake in the company.

L. Lowry Mays, who built the company from a single radio station to a network of more than 1,200 stations, stepped down as CEO in 2004. His son Mark took the reins. Another son, Randall, is president and CFO.

Family holdings in the company would be worth more than $1 billion if the deal goes through.

Follow Muckety on Twitter Tweet This! Share on Facebook

Click here to sign up for the Muckety Newsletter

 Read related stories: Media · Radio  

0 Comments

  • There are no comments yet, be the first by filling in the form below.

Leave a Comment

The relationship map to the left is interactive.
• Solid lines are current relations. Dotted lines are former relations.
• Expand items with + signs by double-clicking or by selecting multiple items in the map and pressing the "e" key.
• Move an item in the map by clicking and dragging.
• You can also delete items, separate boxes and save maps. Right-click on the map or select Map Tools for these options.
• Find out more about an item in the map by right-clicking on the item and choosing Information about...
• View map color key.
• This interactive map requires Flash player.


Become a fan of Muckety on Facebook

  • Search for stories
      
    Special Features

Follow Muckety on Twitter Follow Muckety on Twitter
Muckety has no direct connection to most of the people or organizations listed on these pages.
We are unable to forward personal messages or provide personal contact information.
We make every effort at Muckety to ensure that our data is correct and timely. However, relationships are in constant flux and we cannot guarantee accuracy. If you come across incorrect or outdated information, please let us know by email.
© 2017 Muckety LLC