Brainerd aids Clear Channel

SAN ANTONIO: Clear Channel's AOR for M&As, Brainerd Communicators, is working on outreach to stakeholders and staff prior to a shareholder vote on two equity firms buying the radio broadcaster.

SAN ANTONIO: Clear Channel's AOR for M&As, Brainerd Communicators, is working on outreach to stakeholders and staff prior to a shareholder vote on two equity firms buying the radio broadcaster.

Clear Channel agreed to be sold to Bain Capital and THL Partners for about $18 billion, or $36 a share, on May 13. Clear Channel's board of directors recommended that shareholders approve the deal.

Brainerd, which was first hired by Clear Channel in 2003, conducted outreach to investors, customers, and other external parties, stressing the acquisition's benefits to shareholders and that the deal's unique escrow agreement made the acquisition likely, said Michelle Clarke, MD at Brainerd.

Brainerd staffers conducted background sessions for the press on the deal's specifics throughout the acquisition process, she added.

Internally, Brainerd sought to reassure Clear Channel employees that the company was effectively handling the acquisition process in an effort to retain key personnel with the company, Clarke said.

The broadcaster also settled a dispute with the six banks, Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, the Royal Bank of Scotland, and Wachovia, that agreed to finance the deal.

Clear Channel reps were not available for comment by press time.

Stanton Crenshaw Communications is working with Bain, while THL Partners is working with Sard Verbinnen & Co., according to sources familiar with the deal.

Highfields Capital, a major Clear Channel shareholder, is working with Kekst & Co. on the acquisition. Prior to this deal, Kekst had worked for Clear Channel's board of directors. n

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