As noted earlier, Clear Channel has been shopping for private buyers. While the original suitors weren't the winners, it looks like Clear Channel has come to an agreement:
The nation's largest network of radio stations, Clear Channel Communications, agreed Thursday morning to be bought for $18.6 billion, in a deal that may test private equity's seemingly insatiable appetite for media properties. A consortium that includes Thomas H. Lee Partners and Bain Capital won the bidding[.]
The interesting part of this, of course, will come when the change-of-control applications are filed at the FCC (any transaction that involves a change of control in the licensee of station, or the assignment/transfer of a station from one entity to another requires FCC approval). I imagine it will attract so small number of attackers. One of Clear Channel's (multiple) lines of defense against claims that it doesn't serve the public interest is that its status as a publicly held corporation made it accountable to the public. I don't think anyone ever (genuinely) bought that, but I suspect that will be a big point in any petitions filed against the applications.
Given the recent change of control in Congress, FCC consideration of these applications may well face some outside pressure. Rep. John Dingell (D-MI), the incoming chairman of the House Energy and Commerce Committee (which has FCC oversight), has taken a keen interest in consolidation matters before, and just might see is as an opportunity to make a point. On the Senate side, Daniel Inouye (D-HI) will be chairing the Commerce Committee (also has FCC oversight), but I'm not familiar with his position on ownership issues. Media ownership and consolidation isn't necessarily a partisan issue on the Hill.
Update: Radio and Television Business Report (sub only) tells us that:
At the same time, Clear Channel announced plans for some large-scale station sales to optimize its portfolio. Mark Mays says 448 of the current 1,150 radio stations will be put up for sale - all of them outside the top 100 markets. Also, the entire 42-station Clear Channel Television group is being put on the market.
A pre-emptive strike against those petitions, perhaps?
What does this mean to you, as a citizen? Well, for those of you living in the sell-off markets, you just might have a chance at getting back some local content on your airwaves. For the rest of us, it may be an opportunity to make sure that the FCC lives up to its statutory duty to protect the public interest . . .
(Also, can I just say how nice it is to be worrying about policy, and not politics? A breath of fresh air . . .)