Owner of Toledo’s WSPD owes billions to Bain Capital
Clear Channel, the largest radio station operator in the country, is partially owned by Bain Capital, which is the company founded and previously run by former Republican presidential candidate Mitt Romney.
Debt-ridden Clear Channel, headquartered in San Antonio, has been quietly pruning its corporate structure since late 2011.
On-air talent and behind-the-scenes employees have been shown the door or programming has been eliminated in markets that include Los Angeles, Boston, Tampa, San Diego, Madison, Wis., Springfield, Mo., Oklahoma City, Nashville, and, most recently, Toledo.
“Obviously they are trying to pay down their monster debt with Bain Capital,” said Tommy Butter, who was laid off from top-40 station WRVW-FM in Nashville in March. “Obviously, they are trying to fire their way to pay that debt down.”
They have been laying off people since 2011, just a few at a time. I suppose it would have looked bad for Romney if it became obvious that Bain Capitol was responsible for hundreds of layoffs just before the election.
Portland’s KPOJ was making money but the on air personalities and staff were let go and FOX sports radio is now broadcast instead. But it wasn’t just progressive radio but conservatives that got the ax as well.
If you live in the Portland area go to Save KPOJ.