Clear Channel's Mays family attempting a Dolan

The Mays family which controls the nation's biggest radio broadcaster, Clear Channel is hoping that their takeover offer is approved by the board and other investors. However the Mays' goal to take the company private could fall flat. Bank of America analyst Jonathan Jacoby recently raised his rating on Clear Channel, citing the likelihood that shareholders will reject the deal even if the buyers raise their offer by $1 a share. "Unless private equity is willing to offer $42 or more per share, we believe that Clear Channel will remain a publicly traded company," Jacoby said. CLEAR CHANNEL EYES TAKEOVER VOTE CHANGE [NYP]

It looks like this big media buy-up could cause some serious shit

We kinda touched on this yesterday, but today's Media & Advertising section in the New York Times touched and fondled the topic in detail. Media companies may be unloved on Wall Street, but they have found big fans elsewhere.Some of the largest broadcasters and publishers are being swept into the arms of private equity firms, which are drawn to the rich cash flows these businesses generate and are undaunted by their slowing growth. The trend could raise new regulatory concerns, however, as some of the big private equity firms start to weave a complex web of cross-ownerships in the industry. The latest example is Clear Channel Communications, the nation’s No. 1 network of radio stations, including Z100 in New York and KIIS-FM in Los Angeles. Yesterday, the company agreed to be acquired for $18.7 billion by Thomas H. Lee Partners and Bain Capital in the largest buyout ever in the media and entertainment industry, according to Thomson Financial. For Wallflowers, a Time to Dance [NYT]

And In Closing: CNN, Big Radio, Small Fry

CNN Aiding terrorists? A Midwest hotel chain has pulled CNN from the TV channel lineup in its guest rooms, saying the cable network was aiding terrorism with the broadcast of a video showing Iraqi snipers shooting at U.S. troops. Wow and here we were all this time thinking the folks at CNN were just doing their job. Will Clear Channel lose it's mojo? Clear Channel is the biggest radio broadcaster in the nation. But when it goes private the company plans to sell off over 400 of it's 1,150 stations. Does this mean they lose their status having the biggest dick in radio broadcasting? It said the station sales are not contingent on closing its deal to be taken private in a $18.7 billion buyout by the Mays family and equity firms Thomas H. Lee Partners and Bain Capital Partners LLC. The scramble for hundreds of stations could bulk up smaller players and bring in new ones, leaving an industry of many players ready to compete for advertising as well as listeners. More heads may roll out at AOL With a new leader moving into the top job at AOL, we won't be shocked if more departures are announced at NBC Universal where AOL's new CEO Randy Falco is leaving. However the waves are already hitting shore at AOL. Blogger boss turned AOL exec Jason Calacanis has reportedly left or will leave because his mentor Jon Miller got the boot, or something like that.