Clear Channel to be sold, likely to continue douchebaggery as new entity
Clear Channel Communications top two shareholders, Highfields Capital Management and Fidelity Investments have made up their mind to sell the company to a deep pocketed investment group led by Bain Capital and Thomas H. Lee Partners. Current shareholders will receive an estimated $39.20 per share. In an interesting twist, the new Clear Channel will be privatized. What does this mean for the consumer?
Typically a public corporation has to comply with the standards of the Sarbanes-Oxley Act. This was brought about by some naughty accounting by executives at Enron, Tyco and Worldcom among others. Under this scrutiny, a publicly help corporation must adhere to very strict regulations regarding their accounting, personnel and general business practices.
Clear Channel has been extremely controversial in the past based on actions relating to market share, censorship, partisan political views, Rush Limbaugh, and the murder of dolphins (okay, that one was made up). If they had to watch themselves with the natural system of checks and balances that comes with SOX compliance, and got away with the shit that they did, imagine what will happen when they are a private company.
Bn'R has no love lost for Clear Channel. They are responsible for drowning the airwaves with shitty bands and overplaying their mediocre slop day after day. In fact, Clear Channel may be responsible for Nickleback, Evanescence, and Britney Spears' cooter. We have no solution for this. It is probably something that we have to live with, just like high gas prices and Dr. Phil. If anybody has a suggestion, please let us know.
Typically a public corporation has to comply with the standards of the Sarbanes-Oxley Act. This was brought about by some naughty accounting by executives at Enron, Tyco and Worldcom among others. Under this scrutiny, a publicly help corporation must adhere to very strict regulations regarding their accounting, personnel and general business practices.
Clear Channel has been extremely controversial in the past based on actions relating to market share, censorship, partisan political views, Rush Limbaugh, and the murder of dolphins (okay, that one was made up). If they had to watch themselves with the natural system of checks and balances that comes with SOX compliance, and got away with the shit that they did, imagine what will happen when they are a private company.
Bn'R has no love lost for Clear Channel. They are responsible for drowning the airwaves with shitty bands and overplaying their mediocre slop day after day. In fact, Clear Channel may be responsible for Nickleback, Evanescence, and Britney Spears' cooter. We have no solution for this. It is probably something that we have to live with, just like high gas prices and Dr. Phil. If anybody has a suggestion, please let us know.
Buy the company for yourself and put whatever you want on the radio, could be the best solution. Do you have Eleventy Billion Dollars?
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