As CFO of Clear Channel Communications CFO Tom Casey (pictured) is dealing with managing the debt load from the biggest radio deal in history. By comparison, the pending $2.5 billion acquisition of Citadel Broadcasting by Cumulus Media is not really huge, but Casey says the biggest radio deal to be seen in several years is encouraging for the industry.
The Clear Channel/CC Media Holdings CFO was speaking Tuesday (3/29) at the Goldman Sachs TMT Leveraged Finance Conference in New York City. It was certainly no surprise that he was asked to comment on the Cumulus-Citadel deal.
“We’re excited about it, that there’s interest in radio. We think that it’s a great deal. We think that they’re going to benefit from the acquisition. And it’s good to see money come back into the industry,” said Casey. “We think it’s undervalued right now and there’s opportunities that present themselves.”
“We’re quite excited about the recent transaction. We think that despite how others believe that radio is still very vibrant. We’re continuing to see audiences grow. We see our digital opportunities in the industry to be significant upside for us and so we’re excited that others are starting to see the opportunity. And I think that’s good for the industry,” he added.