Since founder Lowry Mays cashed out well over $1 billion when Clear Channel Communications was sold, people have wondered how much stock he and his sons held onto in the new parent company, CC Media Holdings. We have the answer.
Lowry Mays filed an SEC form this past week for some tax-related selling of shares related to restricted stock awards vesting. He sold 70,991 shares in May at $10 each for a total of just under $710K. That left him with 542,112 shares of Class A stock, which more recently have been trading around $7.
Mark Mays, who is stepping down the end of this year as CEO (but will remain Chairman), sold 7,009 shares in May at $10 each and 33,740 in June at $6.50 each – both tax-related sales for restricted stock grants vesting. That left him with 667,347 shares, although 200,000 of those were disposed of in August in a transaction which carried a price of $36 per share, which was the cash price of the 2008 leveraged buyout. So, Mark Mays now holds 467,347 shares.
Former CFO Randall Mays, who remains a director, had many of his stock options cancelled when he stepped down in 2009. He kept 347,222 shares.
Bain Capital Investors and Thomas H. Lee Partners controlled jointly about 72% of CC Media’s equity and voting power as of the company’s most recent annual proxy. Next was Highfields Capital Management at 12% and the Fidelity Funds group at 5%. The holdings of each of the three Mays family members had fallen below 1%.