Coast to Coast AM Radio is distributed by Premiere Radio Networks which is owned by Clear Channel Communications.
On January 15, 2008, Coast to Coast’s host, George Noorie, announced the signing of a new long-term contract with Premiere.
Clear Channel has its roots in Texas, where it was founded and built by Bush family friend Lowry Mays who has turned over management to his son, Mark Mays. According to the latest proxy, the Mays family currently owns or controls approximately 7% of the stock. Current institutional ownership includes Fidelity, Morgan Stanley and Capital Research.
Clear Channel has been a major beneficiary of the Federal Communication Commission’s actions to relax media ownership rules during the George W. Bush Administration.
Tom Hicks, who bought the Texas Rangers from President Bush and his partners in 1998, and who was believed to be instrumental in the FCC actions to relax media ownership, left the Board in 2004:
Clear Channel Must Deal with Hicks Leaving, Mays’ Surgery
by W.Scott Bailey, May 2004
Two Boston private equity firms, Thomas H. Lee Partners and Bain Partners, are leading a $19bb+ leveraged buy-out of Clear Channel:
The deal was slowed down at one point last year by a third Boston investor, Highfields Capital.
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Highfields Capital Plans ‘No’ Vote on Clear Channel Buyout
From Boston.com (22 Mar 2007)
Highfields in Favor of Clear Channel Buyout
By Megan Davies – Reuters (30 May 2007)
The deal with Thomas H. Lee partners had been expected to close last year. However, an extension was announced in December:
Clear Channel Communications, Inc. Extends Merger Agreement Termination Date – Press Release (12 Dec 2007)
A recent Financial Times article indicates the market is betting that the deal may not close.
Bets Raised on the Clear Channel Buy-Out Failure
by Henry Sanders (30 Jan 2008)
If the deal goes through Clear Channel’s Board will be:
Information about Clear Channel’s Board and large shareholders can be accessed in their Annual Proxy Statements: