SAN ANTONIO, TX: A host of financial communications firms pitched in to help their clients navigate the recent acquisition of Clear Channel by a group of private equity firms.
The deal, worth $26.7 billion including debt, was one of the largest media buyouts in recent history.
Kekst & Company worked for Clear Channel's board of directors in conjunction with the sale. The agency was brought in specifically for this deal, a Kekst source said.
Additionally, Brainerd Communicators handled media work for Clear Channel.
The two major purchasers, private equity giants Bain Capital and Thomas H. Lee Partners, each used separate communications counsel. Bain worked with Stanton Crenshaw, agency president Alex Stanton confirmed. Thomas H. Lee Partners worked with Citigate Sard Verbinnen. That work was led out of San Francisco by MD Matthew Benson, who said that the private equity firm has been a client for about a year and a half.
Clear Channel is a major player in both the radio and the outdoor advertising industries. At the same time the sale was announced, the company also said that it plans to sell off its television broadcasting division, as well as 448 radio stations, in a move to consolidate its business and raise cash.