Channel 12 for sale
For now, the biggest impact of the announced $18.7 billion sale of Clear Channel Communications to an investment group will be on WKRC-TV, and not the eight radio stations the company owns here.
The San Antonio-based company also announced Thursday plans to sell its 42-station television group, which includes Channel 12 and the digital CINCW (Channe 12.2). Clear Channel also will sell 448 of its 1,150 radio stations. All are located outside the top 100 markets. (
Associated Press reports than an investor group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC is paying $37.60 in cash for each share of Clear Channel, a 10.2 percent premium over its closing price on Wednesday. The buyers are also assuming about $8 billion in debt in the deal.
The company’s directors has approved the agreement, with the board insiders recused from the vote. The company is run by the Mays family, with Lowry Mays serving as chairman and his two sons, Mark and Randall, as CEO and chief financial officer, respectively. (Not Helen Mays, who sometimes calls Bill Cunningham?)
Channel 12 has been the market’s No. 1 news station at for at least seven years.