Online auctioneer eBay. said Tuesday it is ready to begin auctioning advertising airtime on 2,300 participating U.S. radio stations, expanding on an existing plan to sell cable television ads.
The board of Clear Channel Communications on Friday accepted an offer from private equity buyers with a slightly higher price and a rare opportunity for shareholders to continue owning a stake in the radio and billboard company even after it goes private.
Radio operator Clear Channel Communications could announce within the next few days that a revised buyout proposal has been agreed upon, as shareholder support for a $19.6 billion offer increases, a source familiar with the situation said.
Clear Channel Communications said on Monday it was delaying a shareholder vote on a $19.6 billion buyout proposed by two private equity firms, as it considers a revised offer by the firms last week.
The private equity firms bidding for Clear Channel Communications will be looking for an indication from the radio operators' board on Monday as to whether their revised $19.6 billion bid will be reconsidered, a source familiar with the situation said.
Clear Channel Communications, the largest U.S. radio station operator, said on Thursday it received a new merger proposal from a private equity group, but its board voted against it.
Influential proxy advisory service ISS on Tuesday recommended shareholders vote against a $19.5 billion bid to take U.S. radio station operator Clear Channel Communications private, according to a document obtained by Reuters.
The sale comes as Clear Channel's shareholders consider a nearly $19.5 billion private equity buyout offer for the company.
Clear Channel, the nation's largest radio company, said its board has unanimously accepted an increased offer from a private-equity group co-led by Bain Capital Partners and Thomas H. Lee Partners.
Web search leader Google has broken into radio with a multi-year advertising sales agreement with the largest U.S. broadcaster, Clear Channel Radio, the companies said on Sunday.
The buyout groups bidding for U.S. radio operator Clear Channel Communications have suggested sweetening their offer by allowing shareholders to co-invest in the firm, as a key vote on the deal approaches, a source close to the situation said on Sunday.
Internet and media rivals to Google, fearing an unprecedented consolidation of power in the online advertising market, are expected to urge regulators to closely scrutinize the Web search leader's $3.1 billion deal to buy DoubleClick.
Clear Channel Communications' meteoric rise from small-time radio station owner to colossal media company has often been tempestuous, with consumer and antitrust advocates hounding the giant. But these days, the loudest cries are coming from stockholders.
French outdoor advertising company JCDecaux is interested in buying assets of the outdoor advertising business of U.S. media giants Clear Channel and CBS.
The nation's largest radio broadcaster could be the largest media and entertainment sale in history. And if the deal doesn't go through, it's still a big deal. A big deal for shareholders, because if the buyout doesn't happen, the company is likely to be broken up (splitting the radio and outdoor advertising business) or we'll see a stock buyback.
Clear Channel, which sells advertising on outdoor displays such as billboards, said Friday its fourth-quarter earnings grew 61%, helped by higher revenue and favorable currency exchange.
Driven by soothing words from the Fed Chairman and the market's own mania for deals, stocks closed out last week on a high note. This week, traders will be ready to pounce on any news that will reinforce the view that the Fed might cut rates this year after all.