We learn that buyout partners Thomas H. Lee and Bain Capital must convert their voting interests in Cumulus Media Partners to non-attributable stakes under the FCC rules. Ditto for "Tom Lee" with its 23.14% voting interest in the new entity that's acquiring Univision. Private equity funds have replaced the public markets in terms of making multi-billion dollar investments in radio - and sometimes that creates conflicts.
Here in Pittsburgh, I hear Clear Channel was handing out pink slips for Christmas on Friday. No word on how many, but some will be looking for a new job in the new year.
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