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Clear
Channel Communications, Inc. is an American mass media company that is
headquartered in San Antonio, Texas. Founded in 1972 by Lowry Mays and Red
Mc Combs, the company was taken private by Bain Capital, LLC and Thomas H. Lee
Partners in a leveraged buyout in 2008; as a result, the company now operates
as a wholly owned subsidiary of CC Media Holdings, Inc.
Clear
Channel specializes in radio broadcasting through subsidiary Clear Channel
Broadcasting, Inc. and division Clear Channel Media and Entertainment (formerly
Clear Channel Radio); and billboard advertising through subsidiary Clear
Channel Outdoor Holdings, Inc.. Clear Channel is the largest owner of
full-power AM, FM, and shortwave radio stations and twelve radio channels on XM
Satellite Radio, and is also the largest pure-play radio station owner and
operator. The group was in the television business until it sold all of its TV
stations to Newport Television in 2008.
The
term "clear channel" comes from AM broadcasting, referring to a
channel (frequency) on which only one station transmits. In U.S. and Canadian
broadcasting history, "clear channel" (or class I-A) stations had
exclusive rights to their frequencies throughout most of the continent at
night, when AM stations travel very far due to skywave. WOAI in San Antonio,
Clear Channel's flagship station, was such a station.
Clear
Channel Communications, Inc.
Type Private
Traded
as
OTCBB:
CCMO
(CC
Media Holdings, Inc.)
NYSE:
CCO
(Clear
Channel Outdoor Holdings, Inc.)
Industry Mass media
Predecessor(s)
San Antonio Broadcasting Company
Founded 1972
Founder(s) Lowry Mays
B.
J. "Red" McCombs
Headquarters San Antonio, Texas, United States
Key
people Bob Pittman, CEO
(CC
Media Holdings, Inc.)
John
Hogan, Chairman/CEO
(Clear
Channel Media and Entertainment)
Products Radio broadcasting, billboard
advertising
Revenue US$ 6.161 billion (2011)
Operating
income
US$ 1.055 billion (2011) Net income
US$ –302 million (2011)
Owner(s) Bain Capital, LLC
Thomas
H. Lee Partners
Employees 20,000+ (2012)
Parent
CC
Media Holdings, Inc.
Divisions
Clear
Channel Media and Entertainment
(Formerly
Clear Channel Radio)
Subsidiaries
Clear
Channel Broadcasting, Inc.
Clear
Channel Outdoor Holdings, Inc.
Website clearchannel.com
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