Bad Karma: How Romney’s Bain Capital Worked its Magic on Clear Channel Communications | Nomadic Politics
(This a reprint from last year but much of the information is still valid. Only Romney is out of the equation.)
Here’s a elegant example of what happens vulture capitalism meets exploitative media. Headquartered in San Antonio, Texas, Clear Channel Communications, Inc. was founded by Lowry Maysand Red McCombs in 1972. Its fortunes soared when, in 1992, Congress made it possible for media companies to acquire more than 2 stations in any given market. It was undeniably an empire-building relaxation of ownership rules.
The Bain Capital connection to Clear Channel began back in 2008 Bain Capital LLC and Thomas H Lee Partners LLC purchased Clear Channel for $18 billion. The deal was announced in July of that year only a few months before the economic meltdown.
Banks took one look at the details and refused to underwrite the loans for the deal. The time to pay the piper is definitely on the horizon, and approaching fast. According to Marketwatch,
Clear Channel owes $2.8 billion due in 2014 and $12.2 billion due in 2016. The $1.1 billion “special dividend” going to Clear Channel will reduce the 2014 debt to $1.7 billion.
What a relief. Only a billion and half. The punchline? Guess who made a killing on the deal?
Hmmmm – Romney is "out" of the equation! Excuse me! Are we now making assumptions of facts not in evidence to assist the flip flopping Pitten’s succeed in his "retroactiveness"?
Just when I had hoped the feds would finally nail this poor excuse for a politico, who should not even be allowed to walk the streets free – much less be a POTUS wannabe.
Damn man – he’s all gone – DAMN!
See on nomadicpolitics.blogspot.com