This is a Big Fucking Deal

[Gonad]

Clear Channel is getting bought!

How big?

Clear Channel, which has 1,150 stations, has a market capitalization of about $16.8 billion.

One bidding group consisted of Providence Equity Partners, The Blackstone Group (BG.UL: Quote, Profile, Research) and Kohlberg Kravis Roberts (KKR.UL: Quote, Profile, Research), while the second team included Bain Capital and Thomas H. Lee Partners (THL.UL: Quote, Profile, Research), sources previously said.

Who are they?

Providence Equity Partners

The principals of Providence Equity manage funds with over $9.0 billion in equity commitments, including Providence Equity Partners V, a $4.25 billion private equity fund, and have invested in more than 80 companies operating in over 20 countries. Providence Equity currently has offices in Providence, Rhode Island, London, England, and New York, New York.

Remember when they bought MGM with Sony?



The Blackstone Group

. . . .

Here's one for you conspiracy nuts.
Another one, this time linking it to 9/11.



Kohlberg Kravis Roberts
Nothing I feel like sharing, but they are one of the leaders in managing buy-outs.



Bain Capital
From Hoovers:

Bain Capital has been busy. The private equity and venture capital firm invests in companies in the retail and consumer products, pharmaceuticals, communications, and information technology industries. Investments include toy retailer KB Toys and about 45% of pizza chain Domino's; it also led an investment group in the 2005 $3.1 billion acquisition of Warner Chilcott and is part of two separate groups that acquired Toys "R" Us for $6.6 billion and Sungard Data Systems for $11.3 billion in 2005. Bain purchasedBurlington Coat Factory for $2.1 billion in 2006. The firm is also part of a group that is buying HCA for $21.3 billion plus the assumption of some $11.7 billion in debt.

Thomas H. Lee Partners
According to Forbes,

The firm, founded in 1974 by its namesake, has been among the most successful buyout shops on or off Wall Street. (It's based in Boston.) Over the last 20 years, it has raised four buyout funds that each scored average annual returns of 50%.

Another good one:

Lee is perhaps best known for buying drink maker Snapple for $135 million in 1992 and selling it to Quaker Oats for an eye-popping $1.7 billion two years later.

And I guess in 2001 they had the biggest buyout fund ever. Anywhere.

 

[Conchaga]

Loose change, anyone?

I need to catch a bus.