GECs
US radio station owner Clear Channel sold for $26.7 billion
MUMBAI: Clear Channel Communications which is America’s biggest radio station owner, has agreed to be acquired for about $18.7 billion by an investment group.
Clear Channel owns or operates 1,150 radio stations. It also owns a majority of Clear Channel Outdoor, an operator of billboard and bus-stop advertisements.
The group that has bought Clear Channel is led by Thomas H. Lee Partners and Bain Capital Partners. 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 per cent 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.
Clear Channel CEO Mark P. Mays 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.”
Clear Channel also plans to sell 448 of its radio stations in markets outside the top 100 – Madison is in the top 100 – as well as its 42-station television group, which also are located in smaller markets. Collectively the properties made up less than 10 per cent of the company’s revenues last year.
Thomas H. Lee Partners co-president Scott Sperling said, “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.”
Bain Capital MD John Connaughton 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.”
GECs
Sony PAL to air Sankat Mochan Hanuman from May 4 at 9 PM
Mythological series brings Lord Hanuman’s tale of devotion and courage back to TV
MUMBAI: Sony PAL is set to bring back the timeless mythological series Sankat Mochan Hanuman, with its premiere scheduled for May 4 at 9 PM. The show revisits the legendary journey of Lord Hanuman, offering viewers a chance to reconnect with one of Indian mythology’s most revered figures.
Centred on themes of devotion, courage and righteousness, the series traces Hanuman’s unwavering loyalty to Lord Ram and his fearless stand against evil. With its mix of dramatic storytelling and visually rich sequences, the show aims to deliver both entertainment and spiritual resonance, appealing to audiences across age groups.
The narrative unfolds as a larger-than-life saga, positioning Hanuman as the ultimate protector and a symbol of strength and selfless service. His journey, rooted in faith and duty, continues to strike a chord with viewers, making the series as relevant today as ever.
The cast features Gagan Malik as Lord Ram, Debalina Chatterjee as Sita, Nirbhay Wadhwa in the titular role, and Saurav Gurjar as Raavan. Their performances bring depth and authenticity to characters deeply embedded in Indian cultural memory.
With its return to television, the show is positioned as more than just a rerun. It taps into a renewed appetite for mythological storytelling, blending nostalgia with timeless values.
As audiences increasingly seek content that resonates beyond entertainment, ‘Sankat Mochan Hanuman’ offers a familiar yet powerful narrative, reminding viewers that stories of faith and courage never really go out of style.
