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Radio News ®
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 One down; Can broadcast stocks
endure 11 more months?
As bad as 2007 was for most broadcasting stocks, the first month of 2008 did not bring any improvement. Most radio stocks were down for the month of January, as were most TV stocks. Expectations of a political ad spending windfall this year did not counter investors' worries about the possibility, or perhaps probability, of a national recession. Television stocks had a somewhat better month than their radio brethren, but still the numbers were nothing to celebrate. The TVBR Television Index, launched as the New Year began, fell 4% for its first month of existence. Its 11-year-old sister, the RBR Radio Index, dropped 14.8% for the month. Of all the stocks tracked daily by RBR and TVBR, only one posted a double-digit percentage gain in January. That was Debut Broadcasting, a radio penny stock company that edged past the one buck a share mark for the first time. By contrast, there were 11 radio stocks and nine TV stocks that posted double-digit declines for the month.
| See the Hot List on RBR.com if you can bear to view the carnage |
Bush budget rankles Dingell
The FCC is looking to get 338.9M for fiscal 2009, about 26M more than it received for the current year, and President Bush has plugged in 20M for public outreach concerning the DTV transition. And as in the past, he has also proposed drastic cuts for the Corporation for Public Broadcasting. Powerful Rep. John Dingell (D-MI) objects to the latter and doesn't think the former is enough. According to Dingell, the CPB cut would take its core appropriation for FY2009 from 400M to 200M, and would reduce FY2010 from 420M to 220M. Even under Republican leadership, drastic cuts to CPB have traditionally been beaten back by Congress, and Dingell is promising yet another effort. Regarding the FCC outreach fund, Dingell said, "The President has proposed an additional 20M for educating consumers about digital television. When added to the original 5M that was allotted by the Republican Congress that enacted this program, this is far too little to educate a nation of 300M people."
RBR observation: Look for two things. First, it is only a matter of time before there is a press conference on Capitol Hill featuring the likes of Kermit the Frog and Big Bird, making the case that CPB is an oasis of educational programming for children and defending full funding for the service along the lines of the current allocation. On the DTV front, Dingell's Committee on Energy and Commerce, and its Subcommittee on Telecommunications and the Internet, will be holding a hearing on the transition next week. We'll be watching to see if Democrats on the committee will be able to scare up some cash to advertise the upcoming changes, and whether they will look to impose PSA mandates on broadcasters.
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 Dems renew assault
on crossownership easement
The official rules are out on the 12/18/07 FCC move opening the top 20 DMAs to broadcast/newspaper cross-owned combinations. Democratic Commissioners Michael Copps (pictured) and Jonathan Adelstein now wonder what the rush was back then, if it took a month and a half to get the document ready for unveiling. They are even more concerned about the actual height of the high hurdles affecting markets where the crossownership ban is still in place. They cite their warning that the measure is "so vague and chock-full of loopholes" that any proposed cross-owned pairing, anywhere, could be approved. They note that in Paragraph 68 of the Order the majority trumpeted the "high hurdle" built into the rule. "We remain skeptical," they commented. "Anyone looking to gauge how high this hurdle is likely to be need only flip to paragraph 77, where the majority casually grants five permanent waivers to newspaper-broadcast combinations that would not qualify for the public interest presumption involving top-20 markets and non-top-four TV stations under the new rule." "The alacrity with which the majority grants these permanent waivers is breathtaking." They remind that they didn't know about the waivers until 9:44PM the night before the vote -- up until that point Copps and Adelstein thought the combos were to face the high hurdle.
RBR observation: Forces in the watchdog community are threatening legal action and forces on Capitol Hill are threatening legislative action. We haven't seen anything yet, but it's early in the second session of the 110th Congress. It is highly doubtful that this proceeding is even close to being over.
DC officials finalize Radio One property deal
Washington, DC officials have finalized their deal that would enable Radio One to build a new HQ in the city, bringing the broadcaster back to its home town a decade after it moved to suburban Maryland. Under the agreement with private developers signed by Mayor Adrian Fenty, the city will provide 22 million in grants and incentives for the project, to be built above the Shaw-Howard University Metro stop at a total cost of 144 million.
Campaign blinders remain in place
The 2008 election surged past the 50% mark again during the week of 1/28/08-2/3/08, according to the Project for Excellence in Journalism, fueled by cable, which invested over three fourths of its time to the topic. The wired media was aided and abetted by its two airborne competitors, with radio pounding the story to the tune of 59% and network TV just under the overall total at 49%. The troubled economy made a repeat visit to the #2 slot, and once again, it only took a 2% share of the news hole to get a piece of 4th place. A brand new story claimed the #3 slot, the once-a-year coverage of the State of the Union speech. It took the place of a #3 story which was also a one-time event, the passing of actor Heath Ledger, which completely disappeared from the chart. Iraq and other Mideast coverage, which for almost all of 2007 could be counted on to dominate the news in aggregate, has almost disappeared from the scene. Combined coverage of Iraq, Afghanistan and Pakistan stood at 5% for the week, a far cry from the 25% three Mideast stories consumed a year ago.
| Top ten lists here |
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| Wall Street Business Report TM |
 Disney earnings down,
but beats the Street
Like other big media company CEOs, Disney's Bob Iger told analysts in his quarterly conference call that the WGA strike has had no significant impact on earnings. Indeed, Disney had a stronger fiscal Q1 (October-December) than Wall Street had expected. Revenues companywide were up 9% to 10.45 billion and operating income from the various units, combined, rose 15% to 2.25 billion. Earnings per share fell to 63 cents from 78 cents a year earlier. But that previous year's quarter had included some one-time gains from sales and income from ABC Radio, which has since been spun-off to Citadel. Excluding those items, EPS was up 29% for the quarter and well ahead of the Thomson/First Call analysts' consensus of 52 cents. In his conference call, Iger got lots of questions from analysts concerned about the potential impact of a US recession on Disney's theme parts and hotels. His answer was that people tend not to cancel long-planned vacations and Disney's parks are benefiting from the effect of the weak dollar, with Americans staying in the US and more foreigners coming to the Disney parks in the US.
Media Networks revenues rose 10% in fiscal Q1 to 4.17 billion, with operating income up 28% to 908 million. Within that, Cable Networks revenues shot up 13% to 2.41 billion, with growth cited at ESPN, ABC Family Channel and the domestic Disney channels. Cable Networks operating income rose 27% to 586 million. The company does not break out any results for its Radio Disney and ESPN Radio operations. Primetime ad revenues were up for the ABC Television Network, but without political advertising, CFO Tom Staggs said revenues were down for the O&O station group. However, he noted that pacings for the current quarter are up in the mid single digits. In all, Broadcasting revenues were up 6% for fiscal Q1 to 1.76 billion, with operating income up 30% to 322 million.
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| HD Radio 2008 |
NAB to request HD Radio
 signal power increases
NAB says it will ask the FCC to approve a digital power increase of up to 10 dB for FM stations broadcasting in digital HD Radio. The NAB Radio Board has approved a resolution that was recommended by the NAB Digital Radio Committee. The goal is to up digital coverage to match the analog without causing harmful interference on analog signals. A major complaint from listeners is that HD-1 signals and HD-2 and HD-3 multicasts keep dropping out-this may help solve the problem. Upped power tests have already been conducted on FMs from major groups in LA and NYC with NAB and iBiquity Digital. Engineering consultancy Hammett & Edison reportedly confirmed field test results of digital coverage improvement and agreed that the increased interference to 1st-adjacent channel analog reception is acceptable in a vast majority of situations.
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Ad Business Report TM
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CC Katz Advantage expands for multiplatform sell
Katz Media Group announced the expansion of its Clear Channel Katz Advantage marketing group to promote the benefits of a multi-platform radio buy as well as implement national buys on behalf of specific brands. In addition to new staff for Atlanta and San Francisco, the company will add a couple new offices and business-development pros to each of its existing offices-from 22 to 40-45 folks on the street selling to agencies and advertisers. This is the biggest expansion in CC Katz Advantage's history. They will also be adding staff to their creative solutions group, which helps in the ideation and execution of concepts. The integrated sell will include radio, online, on-demand, mobile text and real-time data and digital broadcasts. The expansion formalizes success the group has already had on behalf clients including Carmax, Pizza Hut, Seat Exchange and Turner Broadcasting. These brand marketers are currently using the full range of marketing and advertising options, from "take-over" sponsorships to pre-roll online video to blinks. Said Bonnie Press, president of Katz Advantage, in the press conference: "The CMOs, agencies and brand managers we'll be calling on are all looking to do things differently. They're looking to break through the clutter, they are looking at different objectives. Some are even looking at radio as a national branding medium. Some are looking for very specific options and programs that allows their particular product or service to stand out."
RBR observation: This may not be a bad move on behalf of CCKA's radio clients. While we mentioned the other day that GroupM's consolidation will mean less national spot sales folks because of less agency contacts and could hurt pricing (2/1/08 RBR #22), it appears the strategy is specifically addressing that issue and is heads directly to the clients-marketing directors, CMOs, brand managers, etc. That may make a difference-at least in educating the clients and driving that message back to the media agencies: that radio is a great multiplatform/integrated component to a campaign. The lone radio sale is getting tougher and tougher, but radio remains a fantastic reach and branding vehicle.
United Stations Radio Networks signs on for RADAR
Arbitron announced it has signed the United Stations Radio Networks as a new radio network provider for the company's RADAR network radio ratings service. RADAR will report the United Stations Impact Network effective with the RADAR 97 release in June 2008. The new net will offer 14 day-specific units per week on approximately 800 top-rated stations, targeting Adults 18-49. The addition of the new network will bring the current count of RADAR-rated networks to 58. Said USRN President and COO Jim Higgins: "The United Stations has a long-standing commitment and successful track record of serving the needs of our advertisers. As media accountability and transparency have become the watchwords among our clients, we're excited to now be providing RADAR network ratings to our advertisers. Our philosophy is to deliver the largest audiences for commercials airing on top market stations and to capture the impact of these messages accurately for the ad buying community. RADAR continues to be the gold standard of network radio audience measurement, and USRN is committed to growing our presence in RADAR."
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| Media Business Report TM |
 Sun-Times Media
on the auction block
Sun-Times Media Group, the company anchored by the Chicago Sun-Times, has appointed a team of three directors to consider "strategic alternatives" for the company - the usual euphemism for hanging out a for sale sign. The move had been widely expected, following months of cost-cutting as ad revenues declined. Unlike most publicly traded newspaper companies, Sun-Times Media has no geographic diversity at all. It is totally dependent on the Chicago area, where it has the city's #2 daily and dozens of suburban newspapers. "Sun-Times Media Group is very fortunate to have a solid portfolio of publications and websites that deliver the highest quality journalism to the communities we serve and great value to our advertisers. The steps that we've taken in the past year are designed to make sure that this is true today and will continue into the future. Our Board's decision to explore strategic next steps now is the right thing to do to ensure the future of the Sun-Times Media Group publications and Web sites and to generate the highest value for our shareholders." Said CEO Cyrus Freidheim Jr.
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| Media Markets & Money TM |
Qantum gets a fourth in Myrtle Beach
WYNA-FM Calabash NC, just across the border from Myrtle Beach SC, will be joining a cluster of stations already assembled by Qantum Communications Corp., according to President Frank Osborn. He says the group will pay 4M for that station, an amount that could rise to 5M if certain contingencies are met, and that an LMA is already in place with seller Coastline Communications of Carolina. Stan Raymond and Associates provided brokerage services for the deal which adds WYNA-FM to WGTR-FM Bucksport SC, WWXM-FM Garden City NC and WQSD-FM Briarcliff Acres SC.
Close encounter in Little Rock
Brokerage firm Media Venture Partners notes that the transaction sending a trio of Little Rock AR FM stations to Crain Media Inc. has closed. The stations are coming from Archway Broadcasting Group for 4M. Crain already has KCNY-FM Greenbrier AR in the area. An LMA kicked off last November.
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| Washington Business Report TM |
Key stakeholders set to go retail
A who's who of Washington executives facing the end of analog broadcast television will be meeting at a local Best Buy retail electronics outlet to discuss the transition and to demonstrate operation of the digital-to-analog converter box which is one of the key elements of the operation. On hand for the 2/7/08 event will be FCC Chairman Kevin Martin, US Commerce Secretary Carlos M. Gutierrez, NAB President/CEO David K. Rehr, NCTA President/CEO Kyle McSlarrow, CEA VP Jason Oxman and Best Buy SVP Michael Vitelli.
RBR observation: This session is noted as being a press availability, and when a panel like this becomes available, our attention perks up. However, to be honest, not this time. These folks aren't going to be talking about anything our readers aren't already well aware of. The press that needs to give this event some nice prominent coverage is the video press targeting average Americans. So let's get on it, networks -- this is your puppy.
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| Entertainment Business Report TM |
Emmis blows up CD 101.9 NYC
 Emmis has blown up Smooth Jazz in NYC for Adult Rock. 101.9 WRXP, "The New York Rock Experience," merges New Music, Classic Rock, Alternative & Local Rock into a new adult blend. 101.9 RXP will feature a variety of rock from artists like Franz Ferdinand, Bruce Springsteen, Nirvana, Coldplay, U2, Pearl Jam, Dave Matthews, The Police, Beck, Radiohead, The Who, Oasis, Arcade Fire, Social Distortion and REM. The station says its playlist "not determined by era, but rather by the acoustic quality of each song, as determined directly by on-air personalities and staff."
"On-air personalities will play a direct part in choosing the music," said 101.9 RXP PD Blake Lawrence. "It's unheard of in radio these days, but 101.9 RXP is about the music and not so much the music business -- we're merging rock styles and generations into a singular community that we call The New York Rock Experience."
RBR observation: With the return of CBS's K-Rock and now WRXP, we now have two Rock stations back in the market. Hopefully, WRXP will lean hard on Indie Rock and not play too many of the same old tired tunes. We congratulate Emmis on taking this to their main signal, rather than trying it as a multicast channel first-the market was starving for more rock. Letting the DJs pick their own music is a great idea, too. Bring back the original WNEW, so to speak!
| We've got a few songs to suggest-see the list at RBR.com |
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| Internet Business Report TM |
AOL acquires buy.at
AOL has acquired buy.at, a leading independent affiliate network that provides a platform for performance-based e-commerce marketing programs to advertisers and publishers. buy.at will operate as a wholly-owned business unit of Advertising.com, part of AOL's Platform-A organization. "This acquisition further enhances our Platform-A advertising offerings by enabling us to offer a new set of advertiser and publisher products, while also supporting our international strategy," said AOL Chairman and CEO Randy Falco. "It will position AOL's Advertising.com to serve merchant and retail advertisers with the industry's most comprehensive set of performance marketing offerings to drive sales and other transactions, leveraging Advertising.com's web advertising network and search engine marketing services and now buy.at's innovative affiliate network.." buy.at, backed by DFJ Esprit and founded in 2002, is an affiliate marketing network in which affiliates (publishers) partner with advertisers (merchants) to enhance sales growth by driving consumers to those companies' websites. Unlike traditional display advertising or pay-per-click models, an advertiser only pays when a visitor to its site takes action (such as making a purchase or signing up for a free trial).
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| This Week in Time |
 Quick look at Clear Channel (CCU)
They are close to the finish line of going private and our recommendation to all - review history and certain patterns in which you can determine trends and pacing issues. Access our Epaper archives at RBR.com [Publisher note: Archives are the treasured jewel for data, information and trends.]
5 years ago 2003
Top issue of week - issue 24 - RBR Exclusive / Clear Channel in Houston fails local revenue audit by $5 Million+. Then it was readjusted. How Clear Channel stock fared - RBR Archives see Issue #23 - 40.08, #27 - 37.70
4 years ago 2004
How Clear Channel stock fared - RBR Archives Issue #21 - 44.99, #25 - 43.84
3 years ago 2005
How Clear Channel stock fared - RBR Archives Issue #26 - 33.32, #30 - 34.60
2 years ago 2006
Top issue of week - Analyst: Groups still cutting inventory even a year after implementing Less is More (LIM), Clear Channel was still cutting inventory in January. How Clear Channel stock fared - RBR Archives #25 - 28.82, #29 - 28.89
1 year ago 2007
How Clear Channel stock fared - RBR Archives Issue #24 - 36.43, #28 - 36.65
RBR note: For current stock prices see below.
Archived issues located at www.RBR.com
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| Transactions |
11M WEZF-FM, WEAV-AM, WCPV-FM, WXZO-FM & WVTK-FM Burlington VT-Plattsburgh NY (Burlington VT, Plattsburgh, Essex, Willsboro, Port Henry NY); ands WTSJ-AM/WCVR-FM Lebanon-Rutland-White River Junction VT (Randolph VT) from Clear Channel Broadcasting Inc. (Mark Mays) to Vox Communications Group LLC (Bruce G. Danziger et al). 1.1M escrow, balance in cash at closing. Existing superduopoly in Burlington-Plattsburgh. [File date 1/7/08.]
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| Stock Talk |
Stocks take a beating
Renewed worries about recession sent stock prices lower on Tuesday. A report from the Institute for Supply Management worried traders because its index fell in January, indicating a contraction in a wide swath of the US economy. The Dow Jones Industrial average fell 370 points, or 2.9%, to 12,265.
Radio stocks were not spared. The RBR Radio Index declined 0.780, or 1%, to 81.222. First, the exception: Beasley had a good day, up 16.6%. The worst performer was Emmis, down 8.5%. Lincoln Financial Group fell 7%.
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| Radio Stocks |
Here's how stocks fared on Tuesday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron*
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ARB
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39.76
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-0.37
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Google
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GOOG
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506.80
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+11.37
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Beasley*
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BBGI
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5.54
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+0.79
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Hearst-Argyle
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HTV
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22.30
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-0.11
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| CBS CI. B |
CBS |
 |
24.25
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-1.30
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Journal Comm.
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JRN
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8.12
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-0.15
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| CBS CI. A |
CBSa |
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24.27
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-1.30
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Lincoln Natl.
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LNC
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51.41
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-3.89
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| Citadel* |
CDL |
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1.49 |
-0.04 |
Radio One, Cl. A
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ROIA
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1.69
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-0.01
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Clear Channel*
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CCU
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29.76
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-1.02
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Radio One, Cl. D*
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ROIAK
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1.72
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unch
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Cox Radio*
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CXR
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12.00
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-0.13
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Regent*
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RGCI
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1.20
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-0.08
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Cumulus*
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CMLS
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6.06
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-0.28
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Saga Commun.*
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SGA
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5.59
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-0.07
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Debut Bcg.
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DBTB
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1.02
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unch
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Salem Comm.*
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SALM
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4.00
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-0.05
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Disney
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DIS
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30.07
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-0.83
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Sirius Sat. Radio
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SIRI
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3.12
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-0.15
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Emmis*
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EMMS
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2.60
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-0.24
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Spanish Bcg.*
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SBSA
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1.71
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+0.01
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Entercom*
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ETM
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12.12
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-0.08
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Westwood One*
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WON
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1.80
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-0.01
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Entravision
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EVC
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6.80
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unch
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XM Sat. Radio
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XMSR
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12.05
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-0.40
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Fisher
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FSCI
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32.06
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-0.40
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-
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-
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-
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-
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-
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*Component of the RBR Radio Index
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Bounceback
|
 We want to
hear from you.
This is your column, so send your comments and
a photo to [email protected]
Too focused on cash from pols?
 Hi RBR,
Is it just me, or has the radio industry depended as much on political advertising (the TV industry is just as guilty, in some respects) as the U.S. economy depends on OPEC to keep oil prices at a reasonable level?
It befuddles me that radio operators are worried because presidential politicking has not resulted in a major national media buy for the Mitt Romney campaign, or even resulted in an unleashing of spot radio dollars in key states and cities. Meanwhile, there seems to be happiness that Barack Obama and Hillary Clinton are poised to spend lots of money on advertising - which much of those dollars earmarked for radio...
| Read Adam's Full Response |
Best wishes,
Adam Jacobson
Former Management/Marketing/Sales Editor, Radio and Records (2005-06)
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Below the Fold
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Ad Business Report
CC Katz Advantage
Expands for multiplatform sell...
United Stations
Signs on for RADAR effective with the RADAR 97...
Media Markets & Money
Qantum gets a 4th
In Myrtle Beach, WYNA-FM...
Internet Business Report
AOL acquires buy.at
Network that provides a platform for performance-based e-commerce...
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Stations for Sale
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 Market your Stations For Sale
in our daily epapers.
Contact
Jim Carnegie
[email protected]
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More News Headlines
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RTNDA's
Cochran honored
"Barbara Cochran continues a tradition of improving the American story through clear-eyed journalistic assessment of what goes on, from the smallest to the largest markets of radio and television news," says E. Culpepper Clark, dean of the university's Grady College of Journalism and Mass Communication. That is why the RTNDA President received the 2008 Distinguished Achievement Award in Broadcasting, given by the University of Georgia's DiGamma Kappa student society. Previous winners include Ed Bradley, Charlayne Hunter-Gault, Barbara Walters, Charles Kuralt, Ted Turner, Linda Ellerbee, Brian Ross and Bernard Shaw.
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RBR Radar 2008
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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Analyst turns believer on CCU
SMH Capital analyst David Miller has turned bullish on Clear Channel, rating the stock a "buy" because he now believes the private equity buyout at 39.20 per share will go to closing, likely by the end of March. Miller notes four levels of concern which have been depressing the stock price for Clear Channel. "1) Weak December pacings, with the RAB releasing data showing December national radio business down 12% and local business down 4%; 2) The rumored collapse of the Alliance Data/Blackstone deal; 3) News flow suggesting that CCU has put itself on a company-wide austerity program; and 4) Concerns about financing, obviously the most important tenet and reflective of wider credit spreads since the deal was announced in late 2006." But with the price beaten down! so much, the SMH analyst has changed his call to "buy" for three reasons. These reasons in RBR
02/05/08 RBR #24
WGA Strike Central, Day 93
Chernin optimistic on strike settlement; Fox will have upfront
According to LA weekly, News Corp. President Peter Chernin did make it to Super Bowl XLII after all and was telling Hollywood folk that "the strike is over," according to emails coming "fast and furious" out of that venue. But when he spoke with Wall Street analysts, Chernin was more coy, refusing to declare an end to the strike at hand. WGA tells members: Deal not done and stay on the picket lines.
02/05/08 TVBR #24
CCU takes "body blows,"
still standing
Bear Stearns analyst Vic Miller says Clear Channel has taken some "body blows," such as the leaked cost cutting memo first posted on RBR.com and troubles with station sale deals, but he thinks the company can withstand some body blows because 2007 BFC could come in ahead of expectations. That's largely due to stronger-than-expected performance at Clear Channel Outdoor, owned 89% by CCU, which fellow Bear Stearns analyst Chris Ensley has upgraded to "Outperform." Miller believes the buyout by Thomas H. Lee Partners and Bain Capital at 39.20 per share will likely go to closing. If it doesn't, he sees CCU shares falling to a range of 25-26, but if his financial estimates are on target, he sees the real value around 34, which is still above where they have been trading lately. We've posted more of the thinking from these two analysts for you at RBR.com.
RBR observation: For a perspective in time RBR recommends you take a few minutes to scan and digest the Archives on RBR.com. Example: 5 years ago 2003 issue 24 - Clear Channel stock fared at 40.08 and by Friday that week issue #27 down to 37.70. Review CCU this week 2007, RBR issue # 24 - 36.43 and by Friday issue #28 - 36.65. After hard body blow last week, CCU closed Friday at 31.77. Patterns paint a picture and for complete analysis see RBR.com's the HOT LIST report #1
02/04/08 RBR #23
Pushing radio's PPM CUME story
Fans of Arbitron's Portable People Meter (PPM) have said the most important thing coming out of the new ratings system is that radio should adjust the way it sells advertising to promote the much larger CUME audiences reported under PPM. In Friday's monthly PPM update for reporters, Arbitron brought out figures from New York, where PPM is still in test phase, showing that radio stations in the market collectively have a daily CUME of 11.9 million, more than double the circulation of 5.6 million for all daily newspapers in the market combined. The data run had been suggested by Citadel CEO Farid Suleman. Indeed, although Citadel has only two stations in New York, they still out-CUMEd the New York Times and every other daily except the Wall Street Journal. The larger clusters of Clear Channel, CBS Radio and Emmis even topped the WSJ, with Clear Channel all by itself beating all of the dailies combined. More details from Arbitron on monthly PPM update in RBR
02/04/08 RBR #23
Legal eagle view
of enhanced disclosure
One of the many actions taken at the FCC's exceptional 12/18/07 Open Meeting was the ratification of a new questionnaire which will require television operators to keep track of many categories of local programming in detail. These details were finally revealed just recently (1/24/08). Attorney Michael Shacter of Womble Carlyle Sandridge & Rice, PLLC has taken the questionnaire completely apart and described in step-by-step detail what needs to be reported. See RBR.com for more from WCSR's Shacter
02/01/08 RBR #22
Highfields boosts CCU stake
Wall Street traders may be betting against Clear Channel completing its 26.7 billion buyout by Thomas H. Lee Partners, Bain Capital and the Mays Family, but Highfields Capital is showing confidence. The investment fund led the shareholder movement that got the price boosted to 39.20 per share and has indicated that it wants to convert as much of its stake as possible to shares of the new private company, while taking cash for the rest. In its latest SEC filing, Highfields says it has boosted its stake in Clear Channel to 38,133,415 shares, or 7.7%, with recent purchases at prices ranging from 29.11 to 31.04.
02/01/08 RBR #22
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RBR Classifieds
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Hard finding that key person
to fill the important position at your organization? RBR Classifieds, Results with Service. Contact April McLynn at [email protected]
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