The largest operator of radio stations in the US, Clear Channel, looks like it will be taken private. Since I'm no financial expert, there will be no attempt to explain the massive buyout by investment firms Thomas H. Lee Partners LP and Bain Capital Partners LLC by me, as Yahoo and the AP both did a good job at that. The buyout would be for $18.7 billion, while also taking on CC's $8 debt. Now THAT is a chunk of money!
Although that is some pretty huge news, Clear Channel also announced that they are planning to sell off 448 of its radio stations, specifically ones that are outside the top 100 markets. Will this do anything to improve the current shitty state of radio? Of course not. It is all about pushing those stock prices higher, which has already started.
To read the whole story, click over to Yahoo news here.