The churn and reinvention of the radio broadcast industry continues as digital media erodes the core market: Radio and entertainment media giant Clear Channel is in advanced buyout talks with private equity groups Providence Equity Partners, Blackstone and KKR, reports Reuters. The company acknowledged reports today that it is considering going private and had hired Goldman, Sachs to help it evaluate strategic alternatives. It said that a deal was not certain.
The price tag of such a deal was not known. Clear Channel has a market capitalization of about $16 billion.
FT: To be successful, any bid for Clear Channel would need to gain some level of approval from the Mays family, which owns a 7 per cent stake in the company. Lowry Mays, the chairman, founded the company in 1972.