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(Toledo Blade)   And for today's schadenfreude delight: Clear Channel has been forced to cut back on operations and end a number of conservative radio shows ... to save money they need to pay back massive debts to Bain Capital   (toledoblade.com) divider line 314
    More: Ironic, Clear Channel, Bain Capital, TPS, corporate structure, settled out of court  
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6885 clicks; posted to Politics » on 19 Nov 2012 at 5:04 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-19 02:56:27 PM  
Oh please please please please please cut the AM Todd Shnitt show from Tampa!
 
2012-11-19 03:18:03 PM  
Bain Capital and Thomas H. Lee Partners, two private-equity firms, finalized their $26.7 billion purchase of Clear Channel in July, 2008, loading the company with debt

Anyone crazy enough to lend hedge fund takeovers money these days needs to have their head examined.
 
2012-11-19 03:19:54 PM  

Marcus Aurelius: Bain Capital and Thomas H. Lee Partners, two private-equity firms, finalized their $26.7 billion purchase of Clear Channel in July, 2008, loading the company with debt

Anyone crazy enough to lend hedge fund takeovers money these days needs to have their head examined.


That they called it 'Bain' is just ... wow.
 
2012-11-19 03:19:56 PM  
Oh the ironing is delicious.
 
2012-11-19 03:23:35 PM  
What did anyone think was going to happen? When you're so heavily taxed in this country, you acquire massive amounts of debt that kills jobs and destroys freedom of speech. Only a liberal would not have seen this coming.
 
2012-11-19 03:27:46 PM  
As I recall, Clear Channel owes something like $21 billion in debts. Just cutting staff isn't going to cut it.
 
2012-11-19 03:30:02 PM  
www.gagful.com
 
2012-11-19 03:34:05 PM  
"What happens if we let your company invest in us?"

"It would be exceedingly painful"

bcgavel.com

"For you."

/sorry, couldn't resist.
 
2012-11-19 03:35:43 PM  

Mike_LowELL: What did anyone think was going to happen? When you're so heavily taxed in this country, you acquire massive amounts of debt that kills jobs and destroys freedom of speech. Only a liberal would not have seen this coming.


DAMN YOU, FARTBONGO!
 
2012-11-19 03:35:46 PM  

Mike_LowELL: What did anyone think was going to happen? When you're so heavily taxed in this country, you acquire massive amounts of debt that kills jobs and destroys freedom of speech. Only a liberal would not have seen this coming.


Not bad, liked the bit at the end.
 
2012-11-19 03:36:14 PM  
wow. things are worse over there than I thought!

incidentally, this:

Clear Channel has been strategically firing employees in small numbers so it doesn't appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel's workers en masse.

...is absolutely toxic to employee morale. you want to gut your workforce and make sure nobody is working their best for you? make everyone live in fear for their jobs. they'll hate you for it and find ways to make your business pay.
 
2012-11-19 03:39:42 PM  

Weaver95: wow. things are worse over there than I thought!

incidentally, this:

Clear Channel has been strategically firing employees in small numbers so it doesn't appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel's workers en masse.

...is absolutely toxic to employee morale. you want to gut your workforce and make sure nobody is working their best for you? make everyone live in fear for their jobs. they'll hate you for it and find ways to make your business pay.


Gannett has been doing this, too. Or had. I don't know or care anymore.
 
2012-11-19 03:41:11 PM  
Bain Capital and Thomas H. Lee Partners, two private-equity firms, finalized their $26.7 billion purchase of Clear Channel in July, 2008, loading the company with debt.

So this was that idea where you buy companies with their own money. which they then owe you? I'm going to the supermarket to buy groceries. I expect the market to buy the groceries for me with their own money, and dammit, I expect them to pay me back for that money ON TIME!
 
2012-11-19 03:44:35 PM  
after reading that article, today's Limbaugh paranoid rant about how he's not to blame for Romney's crushing defeat suddenly starts to make a LOT more sense. I couldn't figure out why he's been spinning like a gyroscope about how he's 'just one guy' and 'hey, i'm an entertainer not a consultant'. nobody I knew was blaming Limbaugh for anything. if anyone on the left was mentioning Limbaugh at all it was to point and laugh, not point and blame.

Now that I read that story tho, and consider how much LImbaugh's 'Sandra Fluke' incident cost him and his bosses....suddenly Rush's rant about blame comes into focus. I wonder just how much pressure Limbaugh is getting from his bosses? must be pretty bad if he's out there talking about how he's 'merely' an entertainer.
 
2012-11-19 03:47:45 PM  

Weaver95: after reading that article, today's Limbaugh paranoid rant about how he's not to blame for Romney's crushing defeat suddenly starts to make a LOT more sense. I couldn't figure out why he's been spinning like a gyroscope about how he's 'just one guy' and 'hey, i'm an entertainer not a consultant'. nobody I knew was blaming Limbaugh for anything. if anyone on the left was mentioning Limbaugh at all it was to point and laugh, not point and blame.

Now that I read that story tho, and consider how much LImbaugh's 'Sandra Fluke' incident cost him and his bosses....suddenly Rush's rant about blame comes into focus. I wonder just how much pressure Limbaugh is getting from his bosses? must be pretty bad if he's out there talking about how he's 'merely' an entertainer.


Isn't Rush on Premier Network?
 
2012-11-19 03:49:53 PM  

antidisestablishmentarianism: Weaver95: after reading that article, today's Limbaugh paranoid rant about how he's not to blame for Romney's crushing defeat suddenly starts to make a LOT more sense. I couldn't figure out why he's been spinning like a gyroscope about how he's 'just one guy' and 'hey, i'm an entertainer not a consultant'. nobody I knew was blaming Limbaugh for anything. if anyone on the left was mentioning Limbaugh at all it was to point and laugh, not point and blame.

Now that I read that story tho, and consider how much LImbaugh's 'Sandra Fluke' incident cost him and his bosses....suddenly Rush's rant about blame comes into focus. I wonder just how much pressure Limbaugh is getting from his bosses? must be pretty bad if he's out there talking about how he's 'merely' an entertainer.

Isn't Rush on Premier Network?


I believe he syndicated through clear channel. so if Clear Channel goes under, so does a rather large part of his empire. they're basically the infrastructure that supports his daily rants.
 
2012-11-19 03:52:09 PM  

Weaver95: wow. things are worse over there than I thought!

incidentally, this:

Clear Channel has been strategically firing employees in small numbers so it doesn't appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel's workers en masse.

...is absolutely toxic to employee morale. you want to gut your workforce and make sure nobody is working their best for you? make everyone live in fear for their jobs. they'll hate you for it and find ways to make your business pay.


Uh, firing tons of people all at once isn't any better. You know what hurts job morale? Laying people off.
 
2012-11-19 03:53:29 PM  
If they sell Rush off by the pound the can cover that $16 billion in no time
 
2012-11-19 03:54:55 PM  

Lsherm:
Uh, firing tons of people all at once isn't any better. You know what hurts job morale? Laying people off.


granted, nobody is going to be happy in a layoff situation...that said, if you have to have layoffs then it's best to get them ALL done at once and then not fire anyone for a while. you need people to feel secure and safe. workers that feel secure and safe work harder for you. you lay people off in dribs and drabs and you created a hostile working environment. actually, you create an absolutely toxic working environment. and nobody works well in a place like that.
 
2012-11-19 03:54:59 PM  

Lsherm: Weaver95: wow. things are worse over there than I thought!

incidentally, this:

Clear Channel has been strategically firing employees in small numbers so it doesn't appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel's workers en masse.

...is absolutely toxic to employee morale. you want to gut your workforce and make sure nobody is working their best for you? make everyone live in fear for their jobs. they'll hate you for it and find ways to make your business pay.

Uh, firing tons of people all at once isn't any better. You know what hurts job morale? Laying people off.


Of course.

But in a situation where you have to lay off 150 people you are better off doing it all at once than ten people a week for four straight months.
 
2012-11-19 04:00:13 PM  

MaudlinMutantMollusk: If they sell Rush off by the pound the can cover that $16 billion in no time


Only if they use Cop Math and break him down into grams.
 
2012-11-19 04:01:07 PM  

Lsherm: Weaver95: wow. things are worse over there than I thought!

incidentally, this:

Clear Channel has been strategically firing employees in small numbers so it doesn't appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel's workers en masse.

...is absolutely toxic to employee morale. you want to gut your workforce and make sure nobody is working their best for you? make everyone live in fear for their jobs. they'll hate you for it and find ways to make your business pay.

Uh, firing tons of people all at once isn't any better. You know what hurts job morale? Laying people off.


Huh, and here I thought you'd be saying the exact same things as you said in the Hostess threads, given the situations are nearly identical: it's all the worker's fault.
 
2012-11-19 04:02:26 PM  
Mr. Del Colliano said Clear Channel's future is on shaky ground as Bain Capital looks to turn the once-profitable business around, which could mean more cuts. Clear Channel most likely will be sold to another media company, but only time will tell how its employees fare, he said.

The guy buying the books is Clear Channel:

i.imgur.com
 
2012-11-19 04:03:14 PM  
They are probably violating the WARN act by doing this.
 
2012-11-19 04:03:41 PM  

Therion: MaudlinMutantMollusk: If they sell Rush off by the pound the can cover that $16 billion in no time

Only if they use Cop Math and break him down into grams.


I figured the high concentration of Oxycontin would increase the value

/such as it is
 
2012-11-19 04:07:58 PM  

NowhereMon: They are probably violating the WARN act by doing this.


They may be firing in small groups to stay under WARN threasholds.
 
2012-11-19 04:09:10 PM  
Wow.
 
2012-11-19 04:16:54 PM  

DrRatchet: NowhereMon: They are probably violating the WARN act by doing this.

They may be firing in small groups to stay under WARN threasholds.


Been at a place where they did this - let a set group go every 90 days in a way that kept them under the threshold.

/jumped ship before I was pushed
//worked out for me in the end
 
2012-11-19 04:26:18 PM  

GAT_00: Lsherm: Weaver95: wow. things are worse over there than I thought!

incidentally, this:

Clear Channel has been strategically firing employees in small numbers so it doesn't appear that the company is undergoing large-scale layoffs, he said, adding that it would have looked bad for Mr. Romney if his former company fired Clear Channel's workers en masse.

...is absolutely toxic to employee morale. you want to gut your workforce and make sure nobody is working their best for you? make everyone live in fear for their jobs. they'll hate you for it and find ways to make your business pay.

Uh, firing tons of people all at once isn't any better. You know what hurts job morale? Laying people off.

Huh, and here I thought you'd be saying the exact same things as you said in the Hostess threads, given the situations are nearly identical: it's all the worker's fault.


It's Clear Channel's fault.

And I didn't blame Hostess solely on the workers, I blamed it on the debt load the company took on to support their pension obligations. What little blame I did assign to the workers just noted that the baker's union tried to call a bluff that didn't exist, that the Teamster's knew it wasn't a bluff and the baker's union didn't listen, anyway.

Actually, I think I only blamed the head of the union, not even the whole union itself.
 
2012-11-19 04:27:37 PM  
maybe just atlas is shrugging.
 
2012-11-19 04:55:31 PM  

Slaxl: Oh the ironing is delicious.


It bottles the mind.
 
2012-11-19 05:03:29 PM  

MaudlinMutantMollusk: If they sell Rush off by the pound the can cover that $16 billion in no time


Problem is you can only sell whale blubber on the black market these days.
 
2012-11-19 05:04:09 PM  

WhiskeyBender: Oh please please please please please cut the AM Todd Shnitt show from Tampa!


From the MJ and BJ show? That's a blast from the past. What a farking hack, even by wacky morning radio zoo nut hut standards.
 
2012-11-19 05:06:26 PM  
You could almost turn that headline into an Alanis Morissette song, don't ya think?
 
2012-11-19 05:06:45 PM  
It's like Baaa-eeee-aiiiiin / On your wedding day
 
2012-11-19 05:07:42 PM  

Marcus Aurelius: Anyone crazy enough to lend hedge fund takeovers money these days needs to have their head examined.


Why? The owners and management always make out like bandits, which is the point.
 
2012-11-19 05:07:58 PM  
So, Bain is in the process of vulturing Clear Channel.

If there was any better clue-by-four as to why Romney got his ass kicked in the elections...
 
2012-11-19 05:08:32 PM  
And there's the answer to whether or not the GOP would continue to trumpet their ideology while their ideology is biting them in the ass.
 
2012-11-19 05:09:45 PM  

Lsherm: debt load the company took on to support their pension obligations.


except

sphotos-b.xx.fbcdn.net 

$50-$60m outstanding to trade creditors
$36m min lease obligations
$180m in accured workers compensation liabilities
$75m debtor-in-posession loans
$850m in secured debt outstanding.

yeah.. TOTALLY the unions fault. TOTALLY THOSE SOUL CRUSHING PENSIONS. except.. NOT.
 
2012-11-19 05:10:23 PM  
Bain Capital and Thomas H. Lee Partners, two private-equity firms, finalized their $26.7 billion purchase of Clear Channel in July, 2008, loading the company with debt. According to Clear Channel's Nov. 2 filing with the U.S. Securities and Exchange Commission, the company had $16.4 billion in debt.

Remember, Rmoney's experience at Bain taught him how to pick winners, not losers.
 
2012-11-19 05:10:37 PM  
biatchslapped by the invisible hand of the free market.
 
2012-11-19 05:12:28 PM  
They could always try starting a bottling plant and selling Republican Tears to the libs.
 
2012-11-19 05:13:17 PM  

Lsherm: Actually, I think I only blamed the head of the union, not even the whole union itself.


Uh huh.
 
2012-11-19 05:14:51 PM  

Weaver95: granted, nobody is going to be happy in a layoff situation...that said, if you have to have layoffs then it's best to get them ALL done at once and then not fire anyone for a while


Very true

I work in the autos. We went through two huge layoffs. The company was very up front about it. The economy sucked and there was a lot of tension but everyone appreciated the transparency. Canning people here and there only creates rumors and ill will.
 
2012-11-19 05:14:56 PM  
Fark Clear Channel. They replaced an excellent progressive radio station in Portland with yet another sports radio station. I hope the new format goes down in flames.
 
2012-11-19 05:15:29 PM  

Sock Ruh Tease: They could always try starting a bottling plant and selling Republican Tears to the libs.


a novelty vodka bottle...
 
2012-11-19 05:15:46 PM  

MaudlinMutantMollusk: If they sell Rush off by the pound the can cover that $16 billion in no time


Who would pay anything for a pound of Rush?
 
2012-11-19 05:15:59 PM  
While over at Air America they are celebrating their continued success with free abortion Fridays.
 
2012-11-19 05:16:39 PM  
i249.photobucket.com


Schadenfreude ist die schönste Freude.
 
2012-11-19 05:16:59 PM  
Does anyone have a good primer on this? It's a bit mind boggling how a venture/vulture capital firm like Bain can buy a company and then be owed money by that company for the transaction.

Is it simply a factor of the acquiring firm borrowing tons of money to leverage themselves for the acquisition and then, instead of acknowledging that debt as their own, claiming the acquired property now owes them for the favor?

I think that's it, but the moral side of me cannot see how that possibly is permitted.
 
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