Media takeovers... Clear Channel to become private after being sold to a group of investors?

Investor day!

Clear channel, the company that almost went down the tubes after threatening their outlets to show their hit piece against John Kerry in 2004, is now going to be taken over by a "group of investors."

Clear Channel Communications Inc., the nation's biggest radio station owner, said Thursday it has agreed to be acquired for about $18.7 billion by an investment group.

The transaction would be one of the biggest deals in which a company has been taken private, and showcases the vast sums that buyout groups have been able to assemble to acquire public companies


...Clear Channel also said it plans to sell 448 of its radio stations, all located outside the top 100 markets, as well as its 42-station television group, which are also located in smaller markets. Collectively the properties made up less than 10 percent of the company's revenues last year.
The acquisition is not dependent on the sale of those assets, the company said.
The company has until Dec. 7 to solicit competing proposals. Another bid for Clear Channel had been expected from Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Co.
Clear Channel owns or operates 1,150 radio stations and is the largest operator of radio stations in the country. It also owns a majority of Clear Channel Outdoor, a major operator of billboard and bus-stop ads
...Clear Channel was founded in 1972 and benefited greatly from the loosening of media ownership rules, which allowed more radio stations to be held by a single owner in each market.

This is interesting in light of the news I heard today. US Air is attempting to buy Air America in a hostile takeover.

Given the netroots interest in FAIR MEDIA and deconsolidation of OUR airwaves, I wonder what this will mean in the end?

I'm curious if new ownership will have much of an effect on their reporting.  I suppose it may, depending who the buyers are.  Air America is certainly dead as we know it if they are taken over.... Clearchannel,  I suppose may turn into Fox, if the buyers are conservative and push it further in that direction... It may also become more fair and balanced if THAT is the direction that its new owners encourage.
Anyone know which ones more likely? My instinct says that our "free press' just got a little less free... oh well what do i know? I'm still hoping that someones going to wise up and break Clear Channel into smaller networks, as a anti-monopoly move.

Here's hoping i'm wrong. Though the bloggers are the honest media of today-the television news still gets most of the attention, and the most viewers... A little bit unfair...

Hopefully people will begin to see who is paying to bring them "news", and why, and will turn to the blogs, even thouhg it IS more effort than just turning on the TV.