The recent business news story reports on the $27 billion sales figure deal by radio station-owning company Clear Channel Communications to Bain Capital and THL Partners have focused on how the two big investment giants had, as of last week, sued a cadre of major Wall Street banks to force them to finance the extremely large dollar takeover. You see, with all the recent drama and fallout and uncertainty of the US economy, the Wall Street bankers who were supposed to finance the takeover (initially agreed to in 2006) basically got cold feet.In court Bain and THL said that the banks supposed to pony up the cash essentially had "buyer's remorse" when they realized that, with the recent turns in the US economy, that they would not rake in the profits they once foresaw.
Anyway, all of this news merely blurs, or perhaps further highlights, the real news story here: The story of the slow decline and final death of (commercial) radio, once upon a time a vibrant creative media form which in the last decade and more -- thanks in great part to Clear Channel, along with other like-minded, huge but soulless entertainment conglomerates -- has been drained of its former glory and destroyed essentially. This new deal is just the final nail in the coffin.
Of course there are still amazing non-commercial radio stations (especially if you are lucky enough to live in the
Bay Area) as well as oodles of great specialized streaming online music feeds, not to mention your iPod's collection of your favorite fifty thousand songs. But long ago commercial radio also satisfied that same need to hear good music, new music, different music, and presented by DJs who personally programmed (and loved) what they played. But the days of fun, freeform creative commercial radio stations - a la the fictional WKRP Cincinnati or the real KSAN San Francisco- are long long gone.



hers know his name....It's a daily operation
