Clear Channel divests is Austin power


We’d like to say that this is the final piece to the puzzle that will resolve all of the pending issues involving the plan to take radio giant Clear Channel off of Wall Street. It won’t do that, but it will take the company out of Austin, Minnesota. According to broker of record Kalil & Co., the buyer will be Hometown Broadcasting Inc., headed by Greg Jensen. Jensen will pair the station up with a combo-to-be in nearby Albert Lea MN, comprised of KPQR-FM and an as-yet-unbuilt AM station.

RBR/TVBR observation: The repercussions of this deal will not be felt on Wall Street. In fact, the ripples caused by this agreement are not likely to travel out of the immediate area. According to documents filed with the FCC, Clear Channel stands to bring in 250K for this. If the goal is to get the privatization deal done while excusing the banks from their financing obligations, that leaves 26 billion 699 million and 750 thousand dollars to go.