Bain and THL saw an undervalued asset and, in 2006, initiated one of the largest leveraged buyouts in history with a $24 billion offer for Clear Channel. The buyout was completed in 2008, and the layoffs followed shortly thereafter. Cutting roughly 10 percent of the workforce was just the start: three more rounds of layoffs followed in subsequent years. Smaller-market radio stations were sold off, and focus was shifted to the most profitable stations. Local programming was reduced and replaced with syndicated regional and national programming. Instead of explicit attention to local concerns, in which terrestrial radio has long excelled, top talent would prerecord custom breaks and token localized content.

XREF: Connects to broader discourse on private equity stripping local media and services after leveraged buyouts, a pattern seen in journalism and healthcare too.

Andrew deWaard, Derivative Media, loc. 194