Bain Capital purchased Premiere Radio Networks - Hannity, Limbaugh, Savage, Beck, Levin

Esoteric said:
Thread title may seem slightly misleading, because this happened in 08 (albeit under the radar). This should be the biggest news story this election cycle. There has to be a news source who can run a huge story on this. I wonder why this went under the radar? :rolleyes:

Premiere Radio Networks is a WHOLLY OWNED subsidiary of Clear Channel Communications, which Bain, along with another firm, purchased in 2008. Premiere owns exclusive rights to Limbaugh, Hannity and Beck, and also syndicates Savage, Levin, and others on most of their networks.

So, a portion of Hannity and Limbaugh's paychecks come directly from Mitt Romney, via Bain.

On wikipedia, Bain was only listed as an owner of Clear Channel Communications (parent company of Premiere), but no owner was listed for Premiere. I took the liberty of personally listing Bain to the Premiere Radio Networks wikipedia page, you know, for the sake of transparency :cool:

Spread these far and wide.

http://en.wikipedia.org/wiki/Premiere_Radio_Networks

http://en.wikipedia.org/wiki/Clear_Channel_Communications

EDIT:

Press release from the acquisition: http://www.clearchannel.com/Corporate/PressRelease.aspx?PressReleaseID=1824

http://www.huffingtonpost.com/2007/12/14/romneys-bain-capital-buys_n_76801.html
Click to expand...

Wow, this is huge find. If this is confirmed, this needs to be out everywhere in media.
 
EuRa said:
Depressing. Gonna make sure this is legit before I spread it though.
Click to expand...

It is, there are couple of obscure reports on it but no indepth or msm coverage so far. That has to change.

Posted: Wed., Jan. 4, 2012, 2:59pm PT

Media's ties to Romney scrutinized
Orgs disclose dealings with his old business, Bain Capital
By Sam Thielman

With Mitt Romney squeaking by Rick Santorum in Iowa and expected to do well as the primary season continues, media orgs are having to look into their own parent companies' relationships with the multimillionaire's old business, the private equity fund Bain Capital.
"We want to disclose that NBC Universal and Bain Capital, the company that Romney co-founded, are each part-owner of our Weather Channel," said Andrea Mitchell on MSNBC last week. Pundit Ed Schultz also made a point of disclosing the relationship.

But NBCU isn't the only company with ties to Bain. Also in the radio realm, Clear Channel Communications is joined at the hip to the investment group -- the local media and outdoor ad giant merged with a private equity group co-led by Bain and Thomas Lee Partners in 2006, with Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse and RBS among the minority stakeholders. The transaction was valued at $26.7 billion.

Clear Channel owns hundreds of radio stations around the country, with affiliations with all the major radio news networks. It's the country's largest radio operator, and its takeover by Bain streamlined the company, resulting in a reported 2,500 layoffs.

The more you look, the more Bain pops up: CBS Radio has a minority investment with Bain in Internet radio ad network TargetSpot (the deal totaled about $8.6 million); Bain re-invested last year.

http://www.variety.com/article/VR1118048117
 
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