Premium Essay

Clear Channel Communications

In:

Submitted By Pokerstar8484
Words 1381
Pages 6
Clear Channel Communications Case
1. Evaluate the sales process that led to the 37.60 offer. Did the sales process followed by the Board and the Special Advisory Committee maximize the offer price? What else should have been done, if anything, to increase the offer price?
• In 2006 Mark and Randall Mays approached Goldman Sachs to discuss several options for the proposed sale of Clear Channel Communications. Options included a leveraged buyout, a complete spinoff of CCO, and/ or the sale of certain assets such as rural-market radio stations and all of its television stations.
• The LBO came to the forefront and the Randalls met with private equity firms Blackstone and Providence Equity. Blackstone and Providence presented a bid as a consortium to buy Clear Channel for $34 per share. The independent board of directors swiftly rejected the price as they felt it was not adequate. Blackstone and Providence then indicated they might be willing to increase their bid to 35.50. Soon after private equity firms Thomas H Lee Partners expressed interest in bidding along with Bain Capital and TPG to form a competing consortium. Two more consortiums also had come together Apollo Management and the Carlyle Group, and Cereberus Capital Management and Oak Hill Capital Management.
• Each consortium separately proposed a price of $ 36.50 per share. The board felt the bids were too similar to each other to choose and requested they improve their share price. In November 2006 the consortium of T.H. Lee and Bain Capital presented a bid of$ 37.60 which placed the enterprise value at 22 billion.
• What else should they have done if anything to increase the offer price?
In 2005 Clear Channel spun off 10 % of its CCO business and used the net proceeds from that sale to buy back shares. Rather than have done that to raise capital (although it was not the only reason for the spin

Similar Documents

Free Essay

Sfx Entertainment, Inc. Backgrounder

...SFX Entertainment Inc. Backgrounder Eastan Croson Southern Methodist University Abstract SFX Entertainment Inc. is the largest producer of live events and entertainment that are focused primarily on the electronic music culture (“EMC”). This company has excelled in presenting leading EMC festivals and events such as Tomorrowland, Sensation, Q-Dance, Stereosonic, Electric Zoo, Decibel, Nature One, MayDay, Ruhr-in-Love, Life in Color and TomorrowWorld; many of which have over a decade of history, passionate fans and vivid social communities. This company views EMC as a global generational movement being driven by a growing community of avid millennial generation followers. SFX states their mission as enabling the movement by providing the best live experience to fans, music discovery and by connecting other fans and events. Through continuing investments in their festivals and events, adding new creative aspects and expanding into new-unexplored markets, the company has become a major player in the production of electronic dance music (“EDM”) festivals and events. The company plans to continue its growth as well as launching new and exciting events for the EMC community. Keywords: SFX Entertainment Inc., EMC, EDM, music, festivals, events SFX Entertainment Inc. Backgrounder Company History SFX Broadcasting was founded by Robert F.X. Sillerman in 1992, and spurred the consolidation of the radio business after Sillerman bought 120 radio stations under the company’s name. SFX Entertainment...

Words: 2301 - Pages: 10

Premium Essay

Xm Radio Communication

...1) What is the value proposition of XM to different consumer segments? Who should be the primary target market for XM? * Nationwide coverage with excellent audio service * Greater variety of channels to choose from * Availability: home as well as for people on the go * Commercial-free XM satellite radio’s ability to provide radio service throughout the entire country regardless of a consumer’s location. Furthermore, terrestrial radio offers limited selection and is becoming increasingly cluttered with commercials. Therefore, XM satellite radio provides a greater selection of radio for the various preferences of consumers, commercial free. Furthermore, as an added bonus subscribers will have the opportunity to listen online from their home or office. Based on XM’s research, their target market should be focused on the Tech-Seekers demographic. This demographic appears to present the best opportunity for market penetration. They are more inclined to purchase the XM service and become lifetime customers because of their desire to be on the cutting edge of technology. Moreover, this demographic is very similar to the second largest market interested in satellite radio, Tech-Friendly consumers. Therefore, there is greater opportunity for these Tech-Friendly consumers to purchase the service as well. Between these two groups, XM satellite radio has the ability to gain quick financial stability to capture more of the market share. 2) What aspects need to be considered...

Words: 869 - Pages: 4

Free Essay

Catbird Seat

...Amanda Liford 11/05/2013 Short Story Analysis The Catbird Seat The Catbird Seat, written by James Thurber, is a short story about Mr. Martin who carefully puts together a plan to remove the new special advisor who has done nothing but threaten to eliminate his department and belittle him. She even asks him if he is “sitting in the catbird seat?” which he later finds out means sitting pretty. This story doesn’t end the way he had planned or does it? The story begins with Mr. Martin secretly buying a pack of Camels cigarettes because the staff of F&S believe that he has never smoked or drank. Mr. Martin has been working for F&S for twenty-two years. He is a very concentrated man and worker. Mr. Martin is very set in his ways and almost even OCD. He has his routine and he sticks to it. Not only that but he is very thoughtful about what he is trying to accomplish and looks at everything and every step of every possible outcome. This has been the reason for his success. So when someone like the new special advisor, Mrs. Barrows, comes in and tries to delete Mr. Martin’s department, he has a good reason to be upset that someone is messing with his routine. She has also been the cause of several other employees quitting or being fired. Mr. Martin sees the threat she has caused this company and will find a way to take care of it. Mr. Martin has carefully crafted a way to surprisingly kill Mrs. Barrows. This doesn’t seem like something Mr. Martin could execute but like...

Words: 684 - Pages: 3

Free Essay

Detecting Media Bias

...Detecting Media Bias Nolan Tisdale HUM/111 9/15/2013 James Williams, PhD, DM, CHE Detecting Media Bias The article titled Lawsuit targets Medicaid expansion in Arizona, discusses the latest lawsuit filed by Legislators to targeting the federal Healthcare Reform Law. This article was posted on September 12 2013, on the Fox 10 Phoenix website. The subject of the article is the Lawsuit filed by 36 Republican legislators to target GOP Gov. Jan Brew’s plan to expand Arizona’s health care program. Having a clear understanding that Fox News identifies itself with, and targets the conservative Republican audience, it was very important to take this into consideration when determining the creditability of the story. It was important to observe the author presenting the facts in a clear and accurate manner, and paying extra care to detail. The fact that the author did not leave the facts to interpretation by making vague or over the top statements, leads one to believe that the article was not written in a bias manner. The story was presented in a manner that clearly identified and represented the perspective of all the parties involved in the discussion. The author describes the suit filed by 36 Republican legislators and a pair of citizens, through the Goldwater Institute, and the grounds on which these opponents of the Medicaid expansion plan believe they are filing the suit, while giving equal time and consideration...

Words: 624 - Pages: 3

Premium Essay

Detecting Media Bias

...Detecting Media Bias Detecting Media Bias The recent news article I have chosen is the standoff that is happening in Southern Nevada between the Federal Government and Cliven Bundy, a local rancher. The Federal Government claims that Bundy has not paid grazing fees for the last 20 years, Bundy feels that he does not have to because his family have worked the land since the 1880’s, which would give him rights to the land (Fox News, 2014) . The report by Fox News on their website appeared to be accurate, but it was clear that they were definitely siding more with Mr. Bundy than with the Federal Government. There were only comments and statements from Mr. Bundy himself or his supporters. When I checked the same story at CNN’s website, they had statements from both side of the issue. The report mentions how Bundy’s family called for assistance from Militia and his supporters after a couple acts of violence from law enforcement, his son was shot with a stun gun and his sister was pushed to the ground. There was no mention in the Fox new report, that the Bundy family and their supporters confronted rangers, and that a police dog was kicked and officers being assaulted, incidences that were reported on the CNN website (CNN, 2014). The report is clearly only reporting and favoring one side of the story, where as other news agencies are reporting a more balanced story. The Fox news report is putting a lot of emphasis on to the rights and treatment of Mr. Bundy, stating...

Words: 502 - Pages: 3

Premium Essay

Pandora

...Business Strategy: Pandora created and provides an easily accessible Internet radio platform personalized to and by individual listeners. Launched in 2000, Pandora Media created a way for individuals to stream their favorite songs without purchasing them. With over 900,000 songs, Pandora takes the likes and dislikes of each individual consumer into account to make customized stations of exactly what they want to hear. Pandora is focused on Mobile Monetization which is a two prong approach. Digital Strategy and Radio Strategy are the two main areas of focus. The Digital strategy is focused on reaching its customers through the online and mobile devices where the Radio Strategy is trying to reach more consumers through the Interactive and Measureable Audio Products. Traditional broadcast radio currently stands at approximately $73 per 1,000 listener hours, where the mobile platform only stood at $20, which shows the most room for improvement. The mobile platform had increased by 50% since last year and is forecasted to continue to climb at a rapid rate. Close to 70% of all active listeners, now come from the mobile platform which shows transition of today’s society. Pandora has over 200 million registered users and more than 76 million active users. Pandora's major source of revenue are through advertisements it serves on its mobile and web platform. Currently Pandora serves less than one minute of audio ads per hour of listening. This guarantees greater consumer interaction...

Words: 916 - Pages: 4

Premium Essay

Channels of Comm

...Communication Channel Scenarios In business and social environments good communication is vital. It is therefore of great importance to produce viable channels of communication when addressing situations, to effectively transmit a message clear from barriers that may cause distortion. Author Robins (2011) presents three scenarios requiring a proper form of communication to address each situation. The first scenario presents a situation requiring a formal channel of oral communication conveyed through group discussion. This would be the most efficient means of communication to best facilitate strategic planning within the time frame given as stated in the first scenario. This channel of communication proves to be most beneficial, because it is direct and promotes speed and feedback with the least amount of distortion among team members. The composite of team ideas should then be placed in the written format of a marketing plan. Author Robins (2011) suggests that “written communications are more likely to be well thought out, logical, and clear.” Once completed, the final written layout of execution should be submitted to the Vice President of Operations by email. The second scenario presents an IT issue affecting all levels of a business. I would contact the IT department utilizing the channel of oral communication to efficiently address the issue, while receiving immediate feedback. I would then relay the new login name and password to all employees by channel of written...

Words: 355 - Pages: 2

Free Essay

Audience Analysis

...presentation. Audience analysis is one way a speaker can prepare the presentation’s effectiveness. The speaker must explore the different characteristics of the target audience. In the case of a quarterly sales meeting, the audience includes managers, salespeople, and customers. The speaker breaks down the audience characteristics and what demographics make up the analysis. This would include professional and nonprofessional. The speaker must also consider what channel of communication to use at the presentation to ensure meeting the expectations of the audience. This channel can be formal or informal. Formal communication is organized and managed. The information is shared with relevant people within the organization. Informal communication is used within the organization and not used with informational meetings outside the organization. Audience Characteristics The speaker must make sure every member of the audience can understand his or her presentation. The speaker can do this by having a clear understanding of the unique needs of the audience. The speaker must know of any similarities and differences in the audience. Stakeholders First consider who the stakeholders are. In the case of a quarterly sales meeting, the stakeholders are managers, salespeople, and customers. This is a combination of professionals and nonprofessionals. The presentation covers both viewpoints of the audience. Managers are considered gatekeepers as they oversee the actions of...

Words: 1131 - Pages: 5

Free Essay

Communication

...Cristi Scavone Effective Communication Paper Interpersonal Communications CJA/304 Mr. James Backus Within in the lines of effective communication comes a verbal, and nonverbal technique. Theses are just a few of the components. Being able to verbally communicate with someone is an absolute must, especially in the law enforcement field. You have to acquire the skills to be able to communicate with the general public, request help from other officers in the surrounding area, advise all suspects of their Miranda rights, and inform your superiors that certain events have occurred. With that, verbal skills are required for all officers to comprehend and transmit any statements given by superiors, suspects, and citizens. Nonverbal forms of communication include writing via reports, emails, etc. “Written communication skills are required for law officers to fill out various police reports, draft narrative summaries, and understand written policy directives.2 Written reports are the basis for recalling past events, and police officers rely on them daily when they testify in court. The ability to write in a clear and concise manner does not come naturally. Like any activity, it must be practiced until it is mastered. Once mastered, this skill must continually be used or it will become unfocused and useless. A professional athlete spends hours each day honing the skills necessary to participate in a sport. Police officers, however, may spend less than 10 percent of any shift...

Words: 1097 - Pages: 5

Premium Essay

Communication Channels Paper

...Communication Channels Paper 1 Communication Channels Paper Communications Channels Paper Jean Nedd Health Care Communication Strategies HCS/320 Communication Channels 2 Communication Communication is the process of conveying meaningful information. Communication requires a sender, a message, and an intended recipient, although the receiver need not be present or aware of the sender's intent to communicate at the time of communication; thus communication can occur across vast distances in time and space. Communication requires that the communicating parties share an area of communicative commonality. The communication process is complete once the receiver has understood the message of the sender. Communication can be in many channels, and common written forms include email, text, or fax. Verbal communication channels include forms like talking on the telephone or Skype. Nonverbal communication comes in forms through hand jesters, memo or letters. Every organization needs information, and they use it to communicate with other people or to suggest intent. Every person needs to understand the way that different communication channels are used. In this paper I will use two organizations, Halifax Community Clinic and Greenfield/ Bresler LTD. with different styles to show how each use there written and verbal communication skills in there daily operations. Organizations: Halifax Health Community Clinic Halifax Health Community Clinic uses both...

Words: 1230 - Pages: 5

Free Essay

Later

...Guidelines for Effective Communication Guidelines for Effective Communication Effective communication is a part and parcel of any successful organization. A communication should be free from barriers so as to be effective. Communication is a two way process where the message sent by the sender should be interpreted in the same terms by the recipient. The characteristics of effective communication are as follows : Clarity of Purpose: The message to be delivered must be clear in the mind of sender. The person to whom it is targeted and the aim of the message should be clear in the mind of the sender. Completeness: The message delivered should not be incomplete. It should be supported by facts and observations. It should be well planned and organized. No assumptions should be made by the receiver. Conciseness: The message should be concise. It should not include any unnecessary details. It should be short and complete. Feedback: Whether the message sent by the sender is understood in same terms by the receiver or not can be judged by the feedback received. The feedback should be timely and in personal. It should be specific rather than general. Empathy: Empathy with the listeners is essential for effective verbal communication. The speaker should step into the shoes of the listener and be sensitive to their needs and emotions. This way he can understand things from their perspective and make communication more effective. Modify the message according to the...

Words: 408 - Pages: 2

Premium Essay

Effective Communation

...Effective Communication Paper Effective Communication Paper There are effective ways and ineffective ways in communication in the healthcare industry. There are some techniques that can be utilized to share information’s and ideas to in a meetings, technology or just face to face communication. Managers are supposed to develop great interpersonal skills and enhance these skills as they continue to advance in their healthcare career. The channels of communication in an organization or business are crucial to the successful completion of its mission, goals, and objectives. An organization will rely heavily upon how effective its channels of communication are regarding conducting business activities in a timely and efficient manner. A successful organization will effectively communicate all necessary and relevant information that enhances their vision and mission. Communication channels set the guidelines, rules, and regulations for all employees to perform all tasks and duties required to meet the organization’s goals. Failure to deliver communication in a clear and concise manner can create issues of low morale and productivity. According to Manion (1998), “Communication in an organization must be created with a high degree of clarity. Communication must be sent multi-directional and multi-channeled. Miscommunication in organizations can cost money. Hours can be spent in organizations clearing up miscommunication. Miscommunication can lead to inefficiency, loss of productive...

Words: 1229 - Pages: 5

Premium Essay

Communicating Effectively in a Bank Speech

...“How to communicate effectively in the bank” Good Morning Ladies and Gentlemen. Communication can be defined as the exchange, between two or more people, of information, ideas, thoughts and feelings using words, signs and sounds. ("Communication", 2015). The communication process involves the following steps: The sender encodes a message, uses an appropriate channel to convey it, the receiver decodes the message and then provides feedback. To communicate effectively you must consider the 6C’s of effective communication. The 6c’s relate to the communication process as I shall explain. The first C is courtesy. We work in a bank, therefore being polite and showing respect to colleagues and customers is of the utmost importance. Being polite and courteous is an aspect of paralanguage and helps the message get through easily regardless of channel chosen. The second C is clarity. The process of encoding involves converting ideas and thoughts into something that will be understood by the receiver. For this to happen, have a clear idea of what you are trying to convey. When picking a channel, use one that ensures the message remains clear, using clear sentences if written and using good tone and clarity in voice if oral. The third C is correctness and involves ensuring that all details of the message are correct so as to avoid confusion. The fourth C is completeness. When encoding the information, ensure that all information is correct and that it is in full. As Mary Ogola said, “The...

Words: 379 - Pages: 2

Premium Essay

Mgt 521 Wk1

...Evaluating and Selecting Communication Channels MGT/521 One of the most important characteristics of successful relationships is the use of effective communication. Effective communications are characterized by achieving both the successful transfer as well as the understanding of meaning of the information being communicated to the greatest degree possible (Robbins & Judge, 2011). Understanding the functions of communication and the elements of the communication process itself will maximize the probability that messages communicated will yield the highest degree of understanding of the intended meaning by the recipients. A critical element of the communication process that influences the degree of understanding of meaning as much as the formulation of the message itself is the communication channel selected for its delivery. The focus of this paper will be on evaluating and selecting a communication channel based on the nature and complexity of the message to be delivered. The selection of communication channels and the reasons for their selections in the following essay are based off the three Communication Channel Scenarios located on the student website. Evaluating and Selecting Communication Channels Scenario 1 As the Marketing Manager for a new beverage product that has done well in the United States, I’ve been directed by the Vice President of Operations to develop a strategy within one week to enter the product into the global market...

Words: 1923 - Pages: 8

Premium Essay

Communication Process Model

...Communication Process Model Scenario I * Who was the sender? In this particular scenario, I was the sender. * Who was the receiver? Jessica, my trainee was the receiver. * What was the message? The message was to complete an inventory audit by herself to ensure she knew how to do it and what to count. * What channel was used to send the message? Verbal face to face communication was used in this scenario as the channel to send the message. * What was the misunderstanding that occurred? Jessica was supposed to do the counts on her own; however, our inventory specialist, Glenn needed to monitor her and show her our company’s way of generating inventories. Because of my error in communication, Jessica thought she had to do this alone and never asked Glenn for assistance. This error in communication resulted in a delay of the end of month paperwork and working overtime to correct the inventory and train Jessica properly. * How could the misunderstanding have been avoided? | * | This misunderstanding could have been avoided by getting everyone involved in this task together at the time of assignment. It was not Jessica’s fault, but mine since I did not mentioned her to ask for Glen’s assistance. I also did not informed Glenn about Jessica’s task and his role as trainer. From time to time, the sender may forget to mention certain details about a message that could result in a decoding error (sending the wrong message), that is why it is always...

Words: 465 - Pages: 2