Clear Channel Communications , which has 1,200 stations and net media revenue of $5 billion, is "evaluating various strategic alternatives to enhance shareholder value." The margins of old media are indeed attractive: Merrill Lynch estimated a private-equity group could afford to offer up to $41 a share and still manage returns of about 20%.
Hill Holliday founder, GE's Welch eye 'Globe'
A group of Boston businessmen led by former General Electric Co. CEO Jack Welch and Hill Holliday Connors Cosmopulos ad agency founder Jack Connors declared interest in making a play for The Boston Globe, which it values between $550 million and $600 million, barely half of what current owner, The New York Times Co., paid for it in 1993. Some reports said such a deal could be attractive as a way for the Times to take itself off the public market. (Hint, see above.)
Brule's back to launch international 'Monocle'
Wallpaper Founder Tyler Brule has come back to the business with plans for a 10-times-a-year, London-based magazine covering geopolitics, business, culture and design. Monocle will be sold internationally starting in February.
Time Inc. to winnow buyers list for 18 titles
This week the list of bidders for Time Inc.'s 18 titles is expected to be culled to about a dozen from the more than 70 offers received-the majority private-equity players. (Once again, see above.) Those awaiting the news include William F. Reilly, the former Primedia chief; Stockholm's Bonnier Magazine Group, which entered the U.S. this year by taking a major stake in World Publications (Saveur and Spa, among other titles); Kent Brownridge, the former Wenner Media No. 2, with Avista Capital Partners; and Sandler Capital Management, one of the investors that bought Discover last fall.
The American Magazine Conference from A to Z
Attendees at last week's American Magazine Conference, held in Phoenix, had the satisfaction of being wooed by both politicians (Barack Obama) and Google and Yahoo executives. Rachael Ray inspired while Rex Briggs reassured.
See it all on AdAge.com and on P. 42.