With more than 40 years of private equity experience, Thomas O. Hicks was “an early pioneer” of the “buy and build” strategy of investing, his Hicks Equity Partners LLC says.
For radio industry veterans, his name will forever be linked to iHeartMedia predecessor Clear Channel Communications.
Now, it is set to be connected with a country music and lifestyle cable TV network in addition to a TV network dedicated to showcasing equestrian sports.
A newly formed group of U.S.-based investors, organized by Dallas-based Hicks Equity Partners, has acquired the Great American Country network from Discovery Inc.
The deal has already closed; terms were not disclosed.
At the same time, the Hicks-organized GAC Media LLC has obtained full ownership of RIDE TV, which in addition to horse-filled programming offers shows that offer a strong lifestyle complement to Great American Country.
GAC and RIDE TV “constitute the first two channels in GAC Media’s larger effort to revitalize and invest in family-friendly programming that is both timeless and entertaining,” the company says.
Bill Abbott will run GAC and RIDE TV moving forward as President/CEO. He’s a cable TV industry veteran and is charged with overseeing “a prompt review of additional content opportunities while leading growth initiatives in advertising and distribution.”
Abbott commented, “Even as the entertainment ecosystem continues to rapidly evolve — both in terms of distribution platforms and underlying content — consumer interest in family friendly programming that enriches lives and offers safe entertainment options remains as strong as ever. GAC and RIDE TV represent cornerstone assets in this respect, and we look forward to growing both channels even as we pursue the larger goal of establishing new, well-resourced and engaging family-friendly programming.”
Hicks’ name became well known across the radio broadcasting industry for his role as a co-founder in Hicks Muse Tate & Furst and founder of AMFM Inc., which was merged into Clear Channel.
Until May 2005, it held millions of Clear Channel Communications shares. Then, it agreed to sell 16.8 million shares to Citigroup Inc. before allowing Clear Channel to repurchase an additional 22.5 million shares for a reported $180 million. The remainder of its nearly 37.6 million shares were disbursed to Hicks Muse investors.
Hicks Muse had a 7% stake in Clear Channel, making it the third-largest shareholder circa March 2005.
