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View Full Version : Why Romney is Clear Channel's candidate: the Bain link



Elspeth
02-04-2012, 02:02 AM
Over the course of the election, I have been surprised at how strenuously Clear Channel radio stations (like KFI (Los Angeles) and KOGO (San Diego)) have been pushing Mitt Romney, even though their listening audience is clearly more conservative than Romney. KFI's John and Ken (https://en.wikipedia.org/wiki/John_and_Ken), for example, have been praising Romney while trashing Newt Gingrich ("gasbag", "pig"), Rick Santorum and Michele Bachmann ("crazy"), Herman Cain, and Ron Paul, among others. KOGO's Bob "Sully" Sullivan and Todd Schnitt (http://www.kogo.com/main.html)have been equally supportive of Mitt. Schnitt, for example, held a poll of his listeners the night before the Florida primary and the real winner was Rick Santorum. Shnitt, however, completely discounted his audience's preference and declared Mitt the winner, while accusing Santorum supporters of "flooding the phone lines."

There's much more of this, and you might check your own Clear Channel affiliates for this bias.

Perhaps this unmitigated support for Romney comes from the fact that Bain Capital, Romney's old company, is a majority investor (http://www.npr.org/templates/story/story.php?storyId=146149085) in Clear Channel:



Radio broadcasting giant Clear Channel is breaking into the TV production business.

The company announced Tuesday that it is taking a minority stake in the production company of "American Idol" host Ryan Seacrest.

Ryan Seacrest Media produces "Keeping Up with the Kardashians" and other spin-offs involving the celebrity family. Its other shows include "Jamie Oliver's Food Revolution."

In a separate deal, Clear Channel's majority investors, Thomas H. Lee Partners and Bain Capital, are committing $300 million combined to work with Seacrest's company to identify, acquire and develop innovative media companies.....

Since joining Clear Channel with a personal $5 million investment in November 2010, Pittman has tried to expand the company's reach beyond traditional radio. Pittman was named CEO of CC Media Holdings in October. Previously, he was CEO of MTV Networks and chief operating officer of what is now AOL Inc.,

The company was taken private in 2008 by Thomas H. Lee and Bain but has struggled under the debt load created by the acquisition. The company's long-term debt reached about nearly $20 billion at the end of September....

http://www.npr.org/templates/story/story.php?storyId=146149085



Perhaps this little bit of news also explains why Tim Conway Jr. (the son of Carol Burnett favorite Tim Conway) has been talking non-stop about the Kardashians on his evening KFI program.

Elspeth
02-04-2012, 02:10 AM
Wow, apparently someone else has noticed this connection:
Bain Capital Owns Clear Channel (Rush Limbaugh, Sean Hannity, Glenn Beck, Michael Savage, Etc.) (http://endoftheamericandream.com/archives/bain-capital-owns-clear-channel-rush-limbaugh-sean-hannity-glenn-beck-michael-savage-etc?utm_source=rss&utm_medium=rss&utm_campaign=bain-capital-owns-clear-ch)


Wouldn't it be great if a Republican presidential candidate could just buy the support of just about every major conservative talk show host in America? Well, it may not be as far-fetched as you may think. Clear Channel owns more radio stations (850) than anyone else in the United States. They also own Premiere Radio Networks, the company that syndicates the radio shows of Rush Limbaugh, Sean Hannity, and Glenn Beck, among others. Needless to say, Clear Channel basically owns conservative talk radio in the United States. So who owns Clear Channel? Well, it turns out that Bain Capital is one of the primary owners of Clear Channel. Yes, you read that correctly. The company that Mitt Romney ran for so long is one of the "big bosses" over virtually all conservative talk radio in America. Of course Mitt Romney is not running Bain Capital anymore. He is a "retired partner", but he still has a huge financial stake in Bain Capital. We're talking about millions upon millions of dollars. If you doubt this, just check out page 34 of this public financial disclosure report. So if you have been wondering why so many conservative talk show hosts are being so incredibly kind to Mitt Romney, this just might be the answer....

Elspeth
02-04-2012, 02:36 AM
And, according to CBS news, it seems that Bain Capital might be responsible for some Clear Channel employees losing their jobs:


Is Romney to Blame for Hundreds of Layoffs at Clear Channel Radio? (http://www.cbsnews.com/8301-505123_162-42750896/is-romney-to-blame-for-hundreds-of-layoffs-at-clear-channel-radio/)

Clear Channel Communications (CCMO), the radio station conglomerate, laid off "hundreds" of DJs today in a move that will no doubt lead to the increasing homogenization of radio in the U.S. Indirectly, it's all Mitt Romney's fault. Here's how these dots connect:

...As a business, Clear Channel is doing quite well. It made revenue of $1.6 billion in Q2 2011, up from $1.5 billion the year before. It showed an operating profit of $311 million, from stations such as KTU in New York and KIIS FM in Los Angeles. Clear Channel's problem is that is also had a quarterly interest payments of $359 million -- more than its operating profits. That interest is being paid on a staggering $20 billion in debt.

That debt came from the financing of a buyout of Clear Channel back in 2006. At the time, Clear Channel was also a healthy functioning business -- it had just $8 billion in debt, and saw net income -- real profits after interest payments -- of $691 million for the year on growing revenues of $7 billion.

But that just wasn't good enough for the folks at Bain Capital Partners, the private equity group. Bain and its partners bought Clear Channel at that time, but the buyout loaded the company with roughly $12 billion in more debts -- which still isn't paid off. The debts are so large they threaten the future of the company. About $1 billion in Clear Channel's debt comes due in 2014, and another $10.4 billion comes due in 2016.

While Clear Channel might have a functioning profitable business, it's just not generating enough cash to shrug off nearly $12 billion in loans.

What does this have to do with Republican presidential candidate Romney? He was Bain's CEO through 1999. While he had nothing to do with its disastrous Clear Channel investment he was the founder of Bain and draws many of his life lessons from it.

Bain's interference in Clear Channel is an example of everything that is bad about finance-led capitalism: It takes functional businesses, loads them with debt, and transfers much of their cash in the form of interest payments from the people who are actually creating that value -- DJs, in this case -- to the investment banks who supplied the loans. Banks don't sing, record or broadcast pop hits. Yet they're the only ones who will end up making money from the Bain takeover of Clear Channel.

The article is good, up until the end. The real ending should explain that the borrower is slave to the lender and that Clear Channel has no choice but to dance to Bain's tune. And Bain wants their former CEO in the White House. No doubt, it's to make it easier for Bain to decimate companies with debt.

Elspeth
02-04-2012, 03:12 AM
And yet another website makes the connection:

http://www.knowthelies.com/node/6827

MountainMan
02-04-2012, 03:21 AM
http://localcrank.files.wordpress.com/2008/10/tinfoil-hat1.jpg

txradioguy
02-04-2012, 08:02 AM
I have a hard time feeling sorry for Clear Channel.

fettpett
02-04-2012, 10:46 AM
yet Rush slammed Romney for his attacks against Newt, and none of the big Hosts have supported any candidate to this point...

txradioguy
02-04-2012, 10:50 AM
yet Rush slammed Romney for his attacks against Newt, and none of the big Hosts have supported any candidate to this point...

I guess the tin foil folks also missed Rush's telling everyone the other day that the station he worked for in Sacramento was owned by Bonneville.

JB
02-04-2012, 02:35 PM
yet Rush slammed Romney for his attacks against Newt, and none of the big Hosts have supported any candidate to this point...Is Medved big? I don't know. I just discovered him on my AM dial a few weeks ago. He's been pimping Romney hard.

Wei Wu Wei
02-04-2012, 04:06 PM
You're knocking on a door that should probably stay closed OP.

Rockntractor
02-04-2012, 04:12 PM
You're knocking on a door that should probably stay closed OP.

Bain has advised me to keep a close eye on you little acorn!

fettpett
02-04-2012, 05:23 PM
Is Medved big? I don't know. I just discovered him on my AM dial a few weeks ago. He's been pimping Romney hard.

he's semi-big...maybe a step or two down from Hannity

Elspeth
02-05-2012, 01:00 AM
You're knocking on a door that should probably stay closed OP.

Why?

Rockntractor
02-05-2012, 01:02 AM
Why?

Wei has no point to make, he is just trying to stir trouble, he is a troll.

Starbuck
02-05-2012, 11:45 AM
You're knocking on a door that should probably stay closed OP.

I, for one, wish you would find a way to put words together so that a clear point is made. It is a pity that ominous, threatening music can not be played in accompaniment to a post like the one above.

Got something to say? Spit it out.