Updated at 4:19 p.m., Monday, November 13, 2006
Investment firms reportedly eye Clear Channel bid
Advertiser Staff and News ServicesClear Channel Communications Inc., the owner of KSSK and five other Hawai'I radio stations, was expected to attract at least two takeover offers today as a deadline for submitting bids neared expiration.
The company is the largest U.S. radio broadcaster. It's holdings in Hawai'i include the AM and FM stations of KSSK, KHVH-AM, KIKI-FM, KHBZ-AM, KDDN-FM and KUCD-FM.
The Bloomberg News Service reported that people familiar with the offers said Blackstone Group LP, Kohlberg Kravis Roberts & Co. and Providence Equity Partners were one group that planned to make a bid. The other group included Bain Capital LLC, Texas Pacific Group and Thomas H. Lee Partners LP.
At least two other groups were considering submitting bids, Bloomberg reported. Clear Channel's board of directors put the company up for sale last month and had set today as the deadline for bidding.