Acquisitions and Mergers, Big Companies, Newspapers

Buying a $18.7 million Hunk of Junk (and Debt)

drawing boardClear Channel and it’s $8 billion worth of debt was just purchased and taken private.  Recently CC announced they would be closing down a bunch of their smaller market stations.  This comes in the same day that the Washington Post announced a scaling back of their newsroom and print operations.  I think the phrase “back to the drawing board” was coined for days such as these, and I don’t think anyone outside big media needs to see that drawing board to recognize that life is moving towards the online.

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