Market 1, Regulation 0

Not long ago, the left was in a fine panicky froth over Clear Channel's control of thousands of radio stations.

"Relax", said conservatives. "If it's a bad idea, the market will correct it".

It appears we were right:

The hiring of Goldman Sachs brings the Mays family, which controls Clear Channel, closer to a possible leveraged buyout. Chief Executive Officer Mark Mays has spun off the company's live entertainment unit, Live Nation Inc., and sold shares of its outdoor advertising unit, Clear Channel Outdoor Holdings Inc., in an IPO. The stock has been hurt by slow growth in the radio industry...Shares of Clear Channel gained $3.15 to $35.50 in extended trading. They rose 15 cents to $32.50 at 4 p.m. in New York Stock Exchange composite trading

One of the things Clear Channel reportedly wants to spin off the most is its huge number of small-market radio stations - which was one of the things that most exercised Clear Channel's foes.

So - what was the problem again?

Posted by Mitch at October 26, 2006 06:46 AM | TrackBack