Romney Purchases largest Communications Company in America

[adam1mc]

If you were a Presidential candidate fighting for a run at the White House, what would it cost to buy the support of just about every nationally-syndicated talk show host in America?

About 19.5 Billion dollars.

Mitt Romney's Massachusetts-based private equity firm, Bain Capital, founded in 1984 by Mitt Romney has just purchased Clear Channel Communications the largest radio station owner in the country.

"Clear Channel owns over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well.".


And to think that we actually have 'free, unbiased' elections.....


http://www.clearchannel.com/Corporate/PressRelease.aspx?PressReleaseID=1824


Clear Channel Communications, Inc. Enters into Merger Agreement with Private Equity Group Co-Led By Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P.

Clear Channel Shareholders offered $37.60 per share in cash; Transaction valued at $26.7 billion

San Antonio, Texas, November 16, 2006?Clear Channel Communications, Inc. (NYSE: CCU), a global leader in the out-of-home advertising industry, today announced the execution of a definitive merger agreement with a group led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC, pursuant to which the group will acquire Clear Channel in a transaction with a total value of approximately $26.7 billion, including the assumption or repayment of approximately $8.0 billion of net debt.

Under the terms of the agreement, Clear Channel shareholders will receive $37.60 in cash for each share of Clear Channel common stock they hold, representing a premium of approximately 25% over Clear Channel?s average closing share price of $29.99 during the 30 trading days ended October 24, 2006, the day before the Company first acknowledged that it was evaluating strategic alternatives.
Morgan Stanley, Citigroup, and Deutsche Bank as well as Credit Suisse, RBS and Wachovia are acting as financial advisors and providing firm financing commitments to the private equity group. Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse and RBS are also providing equity commitments.

The board of directors of Clear Channel, with the interested directors recused from the vote, has unanimously approved the merger agreement and has resolved to recommend that Clear Channel?s shareholders adopt the agreement. A special advisory committee consisting of disinterested directors unanimously determined the terms of the transaction to be fair.

Mark P. Mays, the Chief Executive Officer of Clear Channel, said, ?We are very pleased to announce this transaction which provides substantial value to our shareholders. We look forward to working with Thomas H. Lee Partners and Bain Capital Partners to continue our business plan to provide exceptional programming to our audiences and value to our advertising partners.?

Scott Sperling, Co-President of Thomas H. Lee Partners, stated, ?Clear Channel is one of the nation?s truly great companies that has the finest collection of outdoor and radio assets in the industry. We are extremely pleased to be partnered with the management team led by Mark and Randall Mays and to have the opportunity to work with them and to grow this company that was created by its Chairman and founder, L. Lowry Mays. Clear Channel has tremendous long term growth opportunities in both the radio and outdoor businesses and we look forward to partnering with Mark and Randall to create value in the years ahead.?

John Connaughton, a Managing Director at Bain Capital, said, ?We are very impressed with Clear Channel?s strong management team and the company?s leadership positions in a variety of markets and media formats. Clear Channel is an exceptional media franchise that is well-positioned to grow thanks to the solid foundation the Mays family has created. We look forward to partnering with Clear Channel as it continues to innovate in meeting the changing needs of the audiences and advertisers it serves.?

The merger does not require the consent of unsecured note holders and is not conditioned upon a merger, consolidation or going private transaction involving Clear Channel Outdoor Holdings, Inc.

The merger is subject to the approval of Clear Channel?s shareholders, requisite regulatory approvals and customary closing conditions. Under the merger agreement, Clear Channel may solicit competing bids from third parties through December 7, 2006, and may negotiate with parties that submit competing proposals by that time until January 5, 2007.

Clear Channel may, at any time, subject to the terms of the merger agreement, respond to unsolicited proposals. If Clear Channel accepts a superior proposal, a break up fee would be payable by the Company. There can be no assurance that the solicitation of proposals will result in any alternative transaction.

At the request of the disinterested directors, three members of senior management have agreed to significantly reduce payments that could be payable upon a change of control by an amendment to their employment agreements.

Clear Channel also today announced, by separate press release, that it intends to solicit buyers for 448 radio stations in selected small markets as well as for its television broadcasting division. The merger is not conditioned on the consummation of any of these sale transactions.

Goldman, Sachs & Co. is acting as exclusive financial advisor to Clear Channel and Lazard Frères & Co. LLC is acting as financial advisor to the special advisory committee. Goldman, Sachs & Co. and Lazard Frères & Co. LLC have each delivered a fairness opinion to the Board and special advisory committee, respectively. Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor for Clear Channel and Sidley Austin LLP is acting as legal advisor for the special advisory committee. Ropes & Gray LLP and Dow Lohnes PLLC are serving as legal advisors to the private equity group.

(continued at link above)

[AdamT]

Is this for REAL?? WTF!!

[Ethek]

Is this for REAL?? WTF!!

!?! holy stink

[GoRon2008]

are you F'in kidding me?!?

[wfd40]

Holy Shit

[TheNewYorker]

Is this for REAL?? WTF!!

Yes.

[rasheedwallace]

this shoud NOTTTTTT be allowed, i'm outraged.

[Furis]

W......t.......f??????????

[yongrel]

http://www.librarian.net/talks/masslib/lolcat.jpg

[hawkeyenick]

This HAS to be and FEC violation

[im_a_pepper]

Absolutely real. Absolutely sickening. Make me want to scream and rip my hair out in frustration. You think we see bias now?
Dear God, wait and see now that he owns them.

What the hell do we do?

[asmartchimp]

:eek::eek::eek:

[GoRon2008]

http://www.librarian.net/talks/masslib/lolcat.jpg


LOL!! Thanks, I needed that

[kevinblack]

We should start a chip in :)

[Ridiculous]

He MUST get called out on this at the next debate.... There has to be a clever way to make an attack.

It was strategic too. The move was made right after the last debate before the caucuses.

[michaelwise]

Now if they could only purchase the internet, they would have a leg up on us. The old media is going the way of the dinosaur.

[Rex]

oh god

[slantedview]

holy jeezus. you've got to be kidding me?

[celticsman7]

American Democracy: 1787 - 2007

[Danny Molina]

He's not worth that much is he?

[GoRon2008]

http://www.hyscience.com/archives/networkmadashell1.jpeg

[yongrel]

He's not worth that much is he?

His company is.

[BillDayton]

Not very surprising, in my humble opinion; simply the continuing progression towards the nexus of corporation and governance.

[raystone]

This merger is old news....

San Antonio, Texas, May 18, 2007 – Clear Channel Communications, Inc. (NYSE: CCU) today announced that it has entered into a second amendment to its previously announced merger agreement with a private equity group co-led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC. Under the terms .....

[slantedview]

i hope the media goes to town on this, and how inappropriate it is.

but i wouldn't hold my breath.

[ShowMeLiberty]

Clear Channel Communications, Inc. Extends Merger Agreement Termination Date

SAN ANTONIO, TX, December 12, 2007 - Clear Channel Communications, Inc. (NYSE:CCU), a global leader in the radio broadcasting and out-of-home advertising industries, announced today that it has, in accordance with the terms of the merger agreement providing for the acquisition of Clear Channel by CC Media Holdings, Inc., a corporation formed by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P., extended to June 12, 2008, the date on which a party may terminate the merger agreement if the merger has not occurred as of that date.

http://www.clearchannel.com/Corporate/PressRelease.aspx?PressReleaseID=2092

-------------------------------
He (or his company) does not own CCC yet, the deal is still pending. That does not make me feel any better about it, though. There could so easily be pressure to "be good to Mitt" in order to make the deal go through.

If nothing else, this is HIGHLY UNETHICAL! :(

[GoRon2008]

http://www.youtube.com/watch?v=KO78Ej9EKC4

[JMann]

Does this mean the local rock station will be going Mormon-rock?

[BLS]

It doesn't appear Romney has anything to do with the company anymore though.

Do a wiki search on Bain Capital. He got out in 2001.

Still, i'm sure he can pull in some favors (cheaper ads, etc) and it was probably ALL part of his master plan.

[conner_condor]

You know damn well he is running for office to make money off the presidentcy. No fool will spend that much money just to serve the people and not expect to make it up once becomes the POTUS. That is a F/King fact. This should be getting out for all to see. He is in it for the money and not the people.

[Sematary]

This HAS to be and FEC violation

It's free enterprise. WE are the ones looking for a NON-GOVERNMENTAL answer. WHY should we look to one of the most UN-American government institutions for an answer to THIS problem?

[icon124]

wow...if he has 19.5 billion dollars to buy a company imagine how much extra cash he has for this election....fuck this corporate gov't and everyone in it...hmmm now i see why everyone is saying he will win....maybe he'll pay for it

[Ibgamer]

Wow that is scary

[Midnight77]

They will tell you how to think ... one way or another.

[im_a_pepper]

I like how somebody said the "media should be reporting on this....."

He just bought a good chunk of it.

[justinc.1089]

They will tell you how to think ... one way or another.

And I will let them know what I think.... one way or another. (Another possibly being my right to bear arms lol...)


But yeah I agree Romney is certainly going to try to make money off of being president. If he loses this campaign he will be in financial ruin according to some people.

[Shellshock1918]

This HAS to be and FEC violation

Yea, something doesn't sound right.

[scbissler]

We should start a chip in :)

Let's see...$100 each, $20 billion to out bid...we only need 200 million subscribers:)

[LibertiORDeth]

Does this mean the local rock station will be going Mormon-rock?

Lol is there such a thing?

[AdamT]

I really hope this move receives MASSIVE blowback. This is so blatant it's mind blowing. Romney is such a hack.....and apparently will stop at no cost to buy what he thinks he deserves.

Humble RP wants the presidency to help US, Romney wants it for the glory and to help himself - what a contrast.

[LibertiORDeth]

Let's see...$100 each, $20 billion to out bid...we only need 200 million subscribers:)

Yep. Thats only, 200% of working Americans. Or we could splurge at $200 each, and only need every single working American.

[Tenbatsu]

Yep. Thats only, 200% of working Americans. Or we could splurge at $200 each, and only need every single working American.

Start a chipin? lul

[Primbs]

William Randolf Hearst tried to the buy an election many years ago.

[maeqFREEDOMfree]

haha fec violation? that's how the freedom fighters repond? C'mon guys... whatever's out there pushing the anti-paul press, his supporters, and our messege is not gonna stop... are you honestly that suprised?

i'll admit it's a big deal, but lets not be caught up

[ronpaul.in]

wow...if he has 19.5 billion dollars to buy a company imagine how much extra cash he has for this election....fuck this corporate gov't and everyone in it...hmmm now i see why everyone is saying he will win....maybe he'll pay for it

He has already donated over $20million to himself for the election

[1913_to_2008]

Romney isn't worth all of that money. The LLC that he has part ownership in is!~

[Elwar]

So...what now? Sean Hannity is going to start endorsing neo-cons?

Oh wait..

[ItsTime]

we paved the way for this with the blimp. Romney has done nothing wrong he has a company that he pays for advertising, just like we did.


haha fec violation? that's how the freedom fighters repond? C'mon guys... whatever's out there pushing the anti-paul press, his supporters, and our messege is not gonna stop... are you honestly that suprised?

i'll admit it's a big deal, but lets not be caught up

[Libertad2008]

Just when I thought I had seen the apex of lies and deception....

This is the most obscene, nauseating, and utterly blatant display of media bias I have ever seen.

I say this with 100% conviction: If Ron Paul does not win, there is no hope left for humanity.

Fight for the Good Doctor as though your very existence depended upon it, for it very well may.

Viva la Libertad, Viva la Revolución!!!

P.S. Use your 2nd Ammendment rights and buy a firearm while you still can

[Ethek]

haha fec violation? that's how the freedom fighters repond? C'mon guys... whatever's out there pushing the anti-paul press, his supporters, and our messege is not gonna stop... are you honestly that suprised?

i'll admit it's a big deal, but lets not be caught up

I'lll throw my take in here

The media is a strange beast in the free market movement. Most companies involved in 'media' have what amounts to a Government controlled & backed monopoly. The airwave spectrum's are a common resource that has a limited bandwidth. The FCC regulates and controls this... with the nod of industry insiders and lobbiest

When a system exists that the medium is truly open to all then I agree Government regulation will not be necessary.

right now its a closed and over regulated system and this is unworkable in getting any ideas out that don't meet the approval of the central owners. All of he above applies to the internet as well because providers have a lock on last mile connections into your home.

[amonasro]

W
T
F

"You Maniacs... You Blew It Up!!!!"

http://upload.wikimedia.org/wikipedia/en/thumb/c/c4/Potaending.jpg/325px-Potaending.jpg

This needs to be all over the news like YESTERDAY!!!

[ItsTime]

well on the news that isnt owned by bain anyway...


W
T
F

"You Maniacs... You Blew It Up!!!!"

http://upload.wikimedia.org/wikipedia/en/thumb/c/c4/Potaending.jpg/325px-Potaending.jpg

This needs to be all over the news like YESTERDAY!!!

[amonasro]

I'm gonna go post this on Hannity and see what they have to say about this.

[LibertyEagle]

This HAS to be and FEC violation

I would think so. Or, SOME kind of violation.

[JohnCrabtree]

Of course he is running to make money! Arent they all

look at how much money Bill makes from every speech.

$200,000 a pop, If one is ambitious could easily clear $1 million a week.

Thats $52 million a year.

And the president also gets many goodies such as SS protection for life
dont they also get salary continuation and a plane?

[LibertyEagle]

we paved the way for this with the blimp. Romney has done nothing wrong he has a company that he pays for advertising, just like we did.

There is a HUGE difference. Ron Paul does not own the blimp company.

[JosephTheLibertarian]

So how about an FEC complaint? I'm not pro-FEC, but do we really want to let Romney do whatever he wants just because we're against the FEC? An enemy of an enemy can be a good friend once in a while

[280Z28]

San Antonio, Texas, November 16, 2006

??

[kevman657]

This HAS to be and FEC violation

It's his company's partners making the decision, not just him. Mitt Romney didn't do anything wrong here, technically. Is he supposed to tell his company he doesn't want the buy because he is running for president? It's good profit for the company and a good boost for Mitt....

[LibertiORDeth]

So...what now? Sean Hannity is going to start endorsing neo-cons?

Oh wait..

Lol. My dad said that Rush Bimbo endorsed Mitt, any connection there? (Since Mitt just bought a lot of stations Rush airs on apparently)

[BillyBeer]

First Halliburton, now this.

[Danny Molina]

Lol. My dad said that Rush Bimbo endorsed Mitt, any connection there? (Since Mitt just bought a lot of stations Rush airs on apparently)

I'd endorse my boss too if I knew that my job was on the line.

Well not really, but this is how Rush probably feels.

[bp2519]

wow...if he has 19.5 billion dollars to buy a company imagine how much extra cash he has for this election....fuck this corporate gov't and everyone in it...hmmm now i see why everyone is saying he will win....maybe he'll pay for it

it's a leveraged buyout... you don't need to put down all the money to buy it.

[Malum Prohibitum]

It's free enterprise. WE are the ones looking for a NON-GOVERNMENTAL answer. WHY should we look to one of the most UN-American government institutions for an answer to THIS problem?

Free enterprise = SEPARATION of corp and state.

[rollingpig]

blimp him

[crasster]

blimp him

That's what I'm talking about. Blimp that mother F. Hover that SOB right on top of Clear Channel headquarters.

[BLS]

REPEAT...he is NOT an owner anymore.......Hello?

[tsetsefly]

we need to push this story, btw Romney will now be against the XM and Sirius merger...

[Revolution9]

It's free enterprise. WE are the ones looking for a NON-GOVERNMENTAL answer. WHY should we look to one of the most UN-American government institutions for an answer to THIS problem?

The airwaves belong to us. They lease them as long as they are good stewards. If not, they are in breach of contract.

Best regards
Randy

[EvilEngineer]

REPEAT...he is NOT an owner anymore.......Hello?

You don't need to be an owner to exert influence. If anything the physical separation helps him... this doesn't mean that the people of his equity firm are not loyal to him and will not use their influence to his advantage. Remember... politics are all about "favors"

[adam1mc]

You don't need to be an owner to exert influence. If anything the physical separation helps him... this doesn't mean that the people of his equity firm are not loyal to him and will not use their influence to his advantage. Remember... politics are all about "favors"


He founded the company in 1984. I'm sure they will be loyal to him regardless. They probably even have a portrait of his goofy ass hanging in their headquarters. It doesn't make me feel any better just because he's not active with the company any longer.

Bill Gates announced he was departing Microsoft long ago. Do you think they would be any less loyal to him just because he's not with the company any longer?

[Revolution9]

Lol is there such a thing?

Go Mask Malice - by The Jefferson Blimpship

"One tablet makes you larger
One tablets in a hall
And the ones your several mothers give you
Don't do anything at all

But mask malice
With slick hair and a jaw
That masks malice
When it is 10 feet tall"

HTH
Randy

[dirknb@hotmail.com]

Have faith. Nothing can stop the rEVOLution......

[smartguy911]

I see you guys complaining but it will do nothing and you guys know that too.

all of Ron Paul supporters should add this GOAL on their list.

BECOME FILTHY RICH AND TAKE BACK AMERICA

--> become filthy rich --> buy media companies --> get connections --> when you feel the time is right --> run for president

I say we form a group now and hopefully in 20 years one of us will be ready. As long, each one of us has ownership of some kind of company in news, print, movies, online, radio. WE WILL BE SET :-)

I guess i need to stop day dreaming ..hahaa

For now, keep trying and lets hope for the BEST.

[rory096]

This is from November 2006 and the deal won't be completed until June 2008. And it's not Romney himself, it's a private equity firm he happened to found. What's the problem?

[fortilite]

$100 says he still doesn't win the nomination.

[mconder]

He's not worth that much is he?

Not personally, but apparently Bain is.

[mconder]

BECOME FILTHY RICH AND TAKE BACK AMERICA

Generally you have to like controlling others to be filthy rich, it's kind of a prerequisite to join the club.

[devil21]

I think this did get mentioned during the Iowa debate yesterday? It was glossed over real quick but someone (Hunter?) did bring up Mitt's company teaming up with a chinese company to buy up a bunch of media outlets. Funny that it never got brought up by the pundits afterward.

[rooteroa]

did anyone point out yet that this news is over a year old?

[freelance]

OMG, this is ABSOLUTELY for real!

Here's Mitt Romney's bio:

http://www.mittromney.com/Learn-About-Mitt/Mittxs_Biography

and you've already seen the announcement.

This is kind of like that Australian company buying up most of the newspapers in Texas to squash dissent against the NAFTA Highway.

[gang]

Let's see...$100 each, $20 billion to out bid...we only need 200 million subscribers:)

Nope, we'll finance it by an LBO. :D

[Mark]

Now if they could only purchase the internet, they would have a leg up on us. The old media is going the way of the dinosaur.

Yep, time for a ---> NewPress.tv <--- (http://newpress.tv)

We can just start our own network.

[ssdded]

Sometimes things just need restating.


did anyone point out yet that this news is over a year old?

As in, before Mitt Romney announced his candidacy. Furthermore, did anyone notice the post earlier in the topic that mentioned he hasn't been involved in Bain since 2001.

In other words, people are freaking out over nothing.

[smartguy911]

Yep, time for a ---> NewPress.tv <--- (http://newpress.tv)

We can just start our own network.

we can do it. It's fairly easy to do but it will require time. Problem is all groups start out with good intentions but things go in wrong direction when they get too big.

[xexkxex]

LOL....you all are getting worked up about year old news that does not matter...like ssdded said, he hasn't been involved in Bain since 2001.

9 pages...LOL

[idiom]

Let's see...$100 each, $20 billion to out bid...we only need 200 million subscribers:)

So in theory America could buy back a portion of its collective brain?

[foofighter20x]

Romney's federal financial disclosure says he's got well over $5M invested with Bain as of Aug 16, 2007

[McDermit]

what the....

[xao]

It explains a lot

[AlexMerced]

On the bright side it's probably too late to really make use of this, and if we can win the nod, chances are Romneys influenced will be used to help whoever the nominee is, even Ron Paul

[archemeedees]

Okay, now I really want to donate more to Ron Paul....

Can I just say, "Hooooooooooly Cow?" Okay...


Hooooooooooly Cow.

[FenceWalker]

This is from November 2006 and the deal won't be completed until June 2008. And it's not Romney himself, it's a private equity firm he happened to found. What's the problem?


Sometimes things just need restating.



As in, before Mitt Romney announced his candidacy. Furthermore, did anyone notice the post earlier in the topic that mentioned he hasn't been involved in Bain since 2001.

In other words, people are freaking out over nothing.
True that. ;)

For nearly a week, a baffling series of posts by so- called "progressive" bloggers have claimed GOP presidential candidate Mitt Romney is set to purchase Clear Channel Communications and install his own "neo-con" regime inside its talk radio and television stations.

In fact, it is Romney's former firm, Bain Capital LLC, that is leading a leveraged buyout of Clear Channel, teamed with Thomas H Lee Partners LP. The deal has been delayed for a number of reasons, including the need to obtain regulatory approval.

At first, the headline seemed so silly, your Radio Equalizer mistook it for a spoof or prank. Days later, however, this 'Net myth has spread so far and wide across the left side of the blogosphere that it seems clear many liberals have been duped.

Worse, some may intentionally be spreading misinformation: even when commenters point out that Mitt Romney left Bain Capital before taking over the 2002 Winter Olympics in Salt Lake City, most "progressive" blogs have failed to retract the bogus story. Even if he remains a retired shareholder, Romney is most certainly not calling the shots at Bain.

From the beginning, it has been set in stone that Clear Channel's current management team would remain in place after the deal is finalized. Because that has never been in dispute, there is simply no way Mitt Romney could take over the company's programming, even if he did remain in an active role with Bain Capital.

So far, only the Huffington Post has run a clarification, but it merely added to the inaccuracies:


Romney's Bain Capital Buys Clear Channel Communications


What would it cost to buy the support of just about every nationally-syndicated neocon talk show host in America? About $19.5 Billion, which is what Mitt Romney's private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country.


Ed. Note -- The original story we posted on this topic inferred that Bain Capital had recently purchased Clear Channel Communications. That is not true. The transaction took place in November of 2006. The facts remain that Bain earns a share of Clear Channel's profits and that Mitt Romney, while a retired partner, still earns money from the private equity firm.



Huh? The deal was only announced in 2006, it has not yet been finalized. That makes the rest of this "editor's note" inaccurate as well. How about retracting the "Romney's Clear Channel" headline?


A trip through other dark corners of the "progressive" blogosphere reveals even less interest in coming clean with their readers. Here's a sampling:


(Firedoglake) Mitt Romney founded Bain & Co. in 1984, and today its spinoff -- Bain Capital -- is the third largest private equity firm in the country. Today they bought ClearChannel, a company that owns over 1100 radio stations and 30 TV stations.

J-Ro:

This is why media consolidation issues are so important. One rich guy who wants to be president can buy a media empire overnight. Now of course, Romney will argue that he didn’t buy Clear Channel, his private equity company Bain Capital did. And of course, there is no conflict of interest because Romney doesn’t tell Bain Capital what to do as he’s no longer officially with the company.

Still, seeing as how Clear Channel hosts Rush Limbaugh, Glenn Beck, and Sean Hannity and controls over 1,000 TV and radio stations nationwide, does anyone here really think Romney won’t use this newfound pedestal to promote his candidacy, however subtly?


Sounds kind of like Romney's relationship to Bain is like Dick Cheney's to Halliburton. There certainly was never any problem there.


(Blatherwatch) Romney buys clear channel

In another blow to the much-maligned, mythical liberal media- and just in time for the 2008 elections- slimy Republican billionaire Mitt Romney, who just happens to be running for president has bought himself a media empire.

Romney's VC firm, Bain Capital has bought Clear Channel, the largest U.S. radio station owner with over 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States, among other media outlets in other countries. It is also heavily invested in outdoor advertising.

A Mormon Murdoch? the very idea makes us shiver. Of course Giuliani has Fox News and Bloomberg- but we guess Romney's buying a passel of broadcasting outlets is just keeping up with the Joneses, billionaire politician style.


(My DD) Mitt Romney Buys Clear Channel

by Chris Bowers, Thu Nov 16, 2006 at 01:44:50 PM EST

Rochester Turning finds this disturbing nugget on the 2008 Presidential race:
Clearchannel just recently went up for auction. Mitt Romney's Bain Capital bought it along with Thomas H Lee Partners, but I'm not sure who owns them. The rumor on the Street was that there might be regulatory problems because the firms own positions in other media companies, but I'm not sure which ones. Article is here and Wikipedia for Bain Capital is here.

To prepare for their 2008 runs, most potential candidates stock up on staff, a Leadership PAC, and support from party leaders, advocacy organizations, and grassroots groups. Mitt Romney buys a media empire. I can't argue with what will probably be an effective strategy, but I can fear for American Democracy. Maybe Romney did this in order to match Giuliani's defacto news organization, Bloomberg. Maybe he did it to try and counter Rupert Murdoch's hold over the Bush administration via Tony Snow.


(Rochester Turning) Mitt Romney is running for president in 2008 (some consider him the frontrunner for the Republican nomination). I bet a fleet of t.v.and radio stations might come in handy. Remember — this is how Berlusconi got elected in Italy. Original post after the fold.


(the LRC Blog) Mitt Romney's VC Firm to Buy Clear Channel

Posted by Chris Brunner at December 14, 2007 10:25 AM

What would it cost to buy the support of just about every nationally syndicated neocon talk show host in America? About $19.5 billion, which is what Mitt Romney's private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country. This is part of a negotiation that has been pending for over a year.


(Money Morning) And what has the blogging community abuzz is the history behind one of the buyout partners, Bain Capital. Bain was founded by none other than GOP presidential candidate Mitt Romney. While Romney no longer holds a position on the board, it is believed by many sources that he still has close financial ties with the company. If the merger goes through as planned, Romney will find himself part-owner of the largest U.S. syndication network - a powerful tool for a campaigning politician.



Here, The Daily Swarm adds "Mitt Romney" to a Houston Chronicle headline that didn't contain his name:


Clear Channel and Mitt Romney's 'Bain Capital Partners' Extend $19.5B Acquisition Deadline

Clear Channel Communications Inc. and the private equity firms that plan to acquire the company extended the expiration date for their buyout agreement Wednesday as they await regulatory approval of the deal.

The $19.5 billion sale of the company to a group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC has been extended until June 12. The deal had initially been expected to close by year’s end but got delayed as the buyers were forced to offer more money to win shareholder approval.



In addition, find many additional examples at the Randi Rhodes Show site, the DailyKos, Newsvine, Truthdig and Tailrank (with a tracker listing many other entries).


So how did the blogosphere's left side cook up this smear campaign? It has been difficult to determine who started it, but appears to have been triggered by the AP story about the deal's extension into 2008 as a result of regulatory delays. That gave somebody on the left the idea to insert Romney into the story and from there it spread like wildfire.

Don't hold your breath expecting a series of retractions: the tinfoil hat crowd has never met a conspiracy theory it didn't lovingly embrace.
http://radioequalizer.blogspot.com/2007/12/liberal-blogs-falsely-claim-romney.html

[banjojambo9]

The American fascist would prefer not to use violence. His method is to poison the channels of public information. With a fascist the problem is never how best to present the truth to the public but how best to use the news to deceive the public into giving the fascist and his group more money or more power.

[TheEvilDetector]

I am all for freedom of speech but I really think that candidates for President must not be allowed to engage in significant business dealings with media companies during the campaign period.