Private Equity Reshapes Media Ownership

by Erik Sass and Joe Mandese
In a series of deals that are reshaping the traditional media marketplace, the largest radio and outdoor media company and one of the nation’s largest magazines, Thursday announced they were changing hands. The sale of Clear Channel Communications and Reader’s Digest magazine to groups of private equity firms, follows the sale or announced plans to sell some of the nation’s leading newspapers, including The Philadelphia Inquirer, The Boston Globe and The Baltimore Sun, suggesting a fundamental restructuring of the traditional media marketplace is afoot. What is not clear, is whether the deals are last ditch liquidation plays, or part of some grander scheme that will realign traditional media properties as they enter a new age of digital, on-demand, consumer-controlled media. – Read the whole story

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