Clear Channel wants Satellite Suckage as condition of merger

[crippledalbino]

http://www.engadget.com/2008/03/25/clear-channel-wants-the-fcc-to-force-xm-sirius-to-obey-indecen/


Apparently Clear Channel's new motto is "if you can't beat 'em, make life suck on the other side of the merger." The broadcast giant has dropped a whole big list of requests on the FCC to impose as conditions upon XM / Sirius for a merger, not the least of which is asking for broadcast decency rules be applied to satellite radio. Clear Channel feels the competitive threat of satellite radio could be mitigated a bit if the "edgy" content (Howard Stern) ceased to make terrestrial radio's edgy stuff look weak by comparison. Of course, the big difference is that XM and Sirius are paid subscription services, and we're guessing they're going to pound the "but HBO can do it" argument for all they've got, but it seems like these days no request is out of reach for terrestrial radio: Clear Channel also wants another satellite radio competitor, 5 percent "public interest" radio, and zero local programming or local advertising.

Things continually looking bad for the bbbboys...

[Pearce]

I don't fucking get it. People got satellite because regular radio sucks. Shouldn't the solution be to make regular radio better, not make satellite just as shitty? It seems like common fucking sense.

[CM Mark]

I don't fucking get it. People got satellite because regular radio sucks. Shouldn't the solution be to make regular radio better, not make satellite just as shitty? It seems like common fucking sense.

But that would involve a new line of thinking. Regular radio can't handle that.

[d0uche_n0zzle]

Common sense isn't so common these days. If some asshole can muck things up for you with help from his friends on the Hill, then they do.

[XMScott]

Nice misleading thread title. Its Clear Channel asking the FCC to put regulations in place. The FCC hasnt decided anything yet.

Clear Channel is in its own little trouble

SAN ANTONIO (AP) — The proposed $19.5 billion buyout of radio station operator Clear Channel Communications Inc. is reportedly near collapse because the private equity firms leading the deal are having trouble nailing down a financing agreement with banks.

Shares of Clear Channel, the largest radio station operator in the United States, fell 21 percent in after-hours trading on Tuesday to $25.82 after dropping $1.89, or 5.5 percent, to end regular trading at $32.56.

http://ap.google.com/article/ALeqM5hY8xK4L41_vshFw23R4NmvLp-MlQD8VL38R00

[Minge]

I agree on the misleading thread title. I agree more with Mr. Mark there.

I don't fucking get it. People got satellite because regular radio sucks. Shouldn't the solution be to make regular radio better, not make satellite just as shitty? It seems like common fucking sense.

But that's a also a simple business lesson. I fucking hate money sometimes.

[kloraferm]

Adios radio! (for a while anyway)

[ruckstande]

If that is the case isn't it time for Sat Radio listeners to push for this shit not to pass or do we just sit here and pretend this isn't happening?

[oandapartycock]

This thread is soooo pre-St. Paddy's Day...

Clear Channel Lists Concessions For Satcaster Merger (http://www.wackbag.com/showthread.php?t=87151)

What's weird though is that XM partners with Clear Channel for much of their pop music content (KISS, etc.)

[boardsofcanada]

If this is going to be the case, they might as well just do FM cuz its going to be the same watered down shit.

"Satellite Radio: Exactly the same as regular radio, except you pay for it"

Great idea.

[Six-Pack]

"Satellite Radio: Exactly the same as regular radio, except you pay for it"

Great idea.


Well yeah, for terrestrial radio it makes a lot of sense to request it.

Keep in mind, its just a request. I could request a cookie for this merger, doesn't mean I'm going to get it.

[Jambi]

This will go nowhere.

[IsThatATrain ?]

Clear Channel has it's own problems...I don't think they'll be focusing on the sat merge anytime soon.


http://www.nytimes.com/2008/02/25/business/media/25deal.html

From the New York Times

Bank sues buyer of Clear Channel unit, jeopardizing deal
By Andrew Ross Sorkin and Michael J. de la Merced
Published: February 25, 2008


Another buyout is in danger of collapsing - but this time because one of the banks involved is suing its own client, the private equity firm trying to complete the deal.

The deal in jeopardy is Clear Channel's $1.2 billion sale of its television unit to Providence Equity Partners, a media-focused buyout firm. Providence began to balk at the price, citing deterioration in the business and the economy, prompting a lawsuit by Clear Channel.

Yet by late last week, the two sides had struck a deal in principle to lower the price by $100 million.

But now comes a new bombshell. Wachovia, one of the three banks financing the deal, is refusing to commit. It even sued its client, Providence, in a North Carolina state court Friday, contending that the new agreement had voided its previous commitment.

Goldman Sachs and UBS, the two other banks, have committed to financing the new transaction, which now calls for Providence to borrow less money at a higher interest rate.

The lawsuit offers a new peek inside the tense negotiations involving corporate America, Wall Street banks and private equity firms as they try to cope with a worsening economy and stormy credit markets.

Wachovia has an unusual role in Clear Channel, which is based in San Antonio, Texas, and is the largest owner of radio stations in the United States. Even as it seeks to sell its television unit, Clear Channel is busy trying to close an even larger $25 billion buyout of the rest of the company. Wachovia, based in Charlotte, North Carolina, had committed to financing both deals.

Wachovia's jitteriness is not unique, as Wall Street banks fear worsening problems in loans to private equity companies. Over the past two years, banks including Wachovia have lined up to lend hundreds of billions of dollars for buyouts, reaping lucrative fees along the way.

But the near-freeze in the credit markets has made it almost impossible for banks to resell those loans, which now trade at about 85 cents on the dollar. Banks fear that they will have to take large write-downs if they are forced to keep those loans on their books, at a time when many have already taken sizable hits from their bets on subprime mortgages.

Still, while some lenders have refused to finance already announced deals - the buyout of the mortgage lender PHH fell through last month after JPMorgan Chase and Lehman Brothers backed away - it is rare to see a bank turn around and sue its own client.

In the case of the Providence deal, Wachovia has committed to loan $450 million of the $1.2 billion purchase price. If Wachovia causes the deal to collapse, it would be held responsible for a $45 million break-up fee.

Some people inside the deal speculate that Wachovia may be seeking to create an escape hatch from the larger buyout. But it is unclear how Wachovia will accomplish that: The $25 billion deal is not contingent on the sale of the television stations.

Wachovia runs a high risk by suing its own client and killing the television stations deal. As part of financing the larger $25 billion deal, it also agreed to help finance a bridge loan if the smaller deal fell apart.

It may also risk damage to its reputation by turning on its own client. Never one of the biggest players in the leveraged loan market, Wachovia may see its business dry up if potential clients see the bank as a potential turncoat when things go bad.

A hearing on the Wachovia lawsuit was scheduled for Tuesday. Wachovia has hired Robinson, Bradshaw & Hinson, a firm in Charlotte, as its legal counsel.

Providence and Clear Channel were still hoping to strike a new deal for the television stations as soon as Monday, with UBS and Goldman Sachs still providing financing. But it was unclear whether the deal could close without Wachovia's support.

[STARTSOMETHING]

http://www.engadget.com/2008/03/25/clear-channel-wants-the-fcc-to-force-xm-sirius-to-obey-indecen/



Things continually looking bad for the bbbboys...


I can see this hurting howie more than o and a. The guy doesn't have much.

[WOWmagnet]

If you only want channel 202 it $2.02 per month:

New Menu: XM (http://www.meatspin.com)

[poopiebottoms]

Just another case of corporate douchebags sucking the life out of anything interesting, creative or worthwhile.

[oandapartycock]

If you only want channel 202 it $2.02 per month:

New Menu: XM (http://www.meatspin.com)

Is that just for Sirius customers that want to add O&A? I thought it came with the XM subscription.

[Capt'n Obvious]

Well yeah, for terrestrial radio it makes a lot of sense to request it.

Keep in mind, its just a request. I could request a cookie for this merger, doesn't mean I'm going to get it.

I'm fuckin' starvin'... Earl, we got any cookies back there?

[tmbrwn]

If you only want channel 202 it $2.02 per month:

New Menu: XM (http://www.meatspin.com)



FUCK YOU..i always laugh when other people have clicked on the link. But i seriously thought that it was true.
:clap:

[hoo cares]

Fuck Clear Channel up their faggot asses. They should pay more attention to their stock that's been in the tank since '03. Was 42.50 in late '03 and closed at 29.60 today. (I got a sweet deal on an IPO with another company, and after Clear Channel gobbled them up, I was stuck with them) I own 10 grand worth of that shit, even though I HATE the company. That 10 grand is now worth 7859.35. Fuckin' douchebags. (But at least I'm not bitter)

[Debbie1125]

I don't fucking get it. People got satellite because regular radio sucks. Shouldn't the solution be to make regular radio better, not make satellite just as shitty? It seems like common fucking sense.

Clear Channel and terrestrial radio just don't get it. They are not dealing with reality. The executives and decision makers need to get out there among the regular people.

What they would see is a majority either listening to iPods, MP3 players, or their own CD collections. I know that more and more when I see cars go by and hear blasting music, it's usually the unedited version of songs. That means one of two things. The drivers either have XM or Sirius, or they're listening to CDs.

Wake up Clear Channel and others. You need to stop with all the restrictions or die a slow death. Just don't try to censor satellite.

[Deadhead]

FUCK YOU..i always laugh when other people have clicked on the link. But i seriously thought that it was true.
:clap:



Dont feel bad, bro.

1st time in a long time:icon_redf