Saturday, November 18, 2006

Mitt Romney Will Have a 2008 Friend in Clear Channel

Rochester Turning reminds us how Italy's richest man Silvio Berlusconi got himself elected. Now it's Mitt Romney's turn to try it in the United States.

A comment from someone named James at Rochester Turning:
Clearchannel just recently went up for auction. Mitt Romney's Bain Capital bought it along with Thomas H Lee Partners, but I'm not sure who owns them. The rumor on the Street was that there might be regulatory problems because the firms own positions in other media companies, but I'm not sure which ones. Article is here and Wikipedia for Bain Capital is here.
Chris Bowers has more. He says:
Mitt Romney buys a media empire. I can't argue with what will probably be an effective strategy, but I can fear for American Democracy.
Should we be prepared for All Mitt all the time?

The blogger known as grayslady says she thinks the story's not really that much of a story, claiming that Romney fully divested himself of his shares in Bain. Says "grayslady":
I'm not suggesting that Lee will try to influence the broadcasting, especially since the venture capital companies, Lee and Bain, will not be putting in their own management team, as they often do in a buyout. Since the Mays are part of the purchase group I anticipate no change in Clear Channel's policies.