Clear Channel Communications, Inc. is an American media conglomerate company headquartered in San Antonio, Texas.[2] It was founded in 1972 by Lowry Mays and Red McCombs, and was taken private by Bain Capital LLC and Thomas H. Lee Partners LP in a leveraged buyout in 2008.[3] Clear Channel specializes in radio broadcasting, concert promotion and hosting, and fixed advertising in the United States through its subsidiaries. After 21 years, Mark Mays stepped down as President and CEO of Clear Channel on June 23, 2010.[4] Mays will remain as Chairman of the Board, a position he has held for a year prior. The Board has engaged Egon Zehnder International, a leading executive search firm, to lead the search for a new CEO.
Clear Channel is the largest owner of full-power AM, FM, and shortwave radio stations and twelve radio channels on XM Satellite Radio, and is also the largest pure-play radio station owner and operator. The group was in the television business until it sold all of its TV stations to Newport Television in 2008.
The term "clear channel" comes from AM broadcasting, referring to a channel (frequency) on which only one station transmits. In U.S. and Canadian broadcasting history, "clear channel" (or class I-A) stations had exclusive rights to their frequencies throughout most of the continent at night, when AM stations travel very far due to skywave. WOAI in San Antonio, Clear Channel's flagship station, was such a station.
The tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the AMFM Offer to Purchase and Consent Solicitation Statement for the Notes dated December 17, 2007, and the related Letter of Transmittal and Consent. Further details about the terms and conditions of the tender offer and consent solicitation are set forth therein.
The tender offer and consent solicitation is being made in connection with the previously announced merger (the “Merger”) with BT Triple Crown Merger Co., Inc. The closing of the Merger is scheduled to occur on July 30, 2008. AMFM intends to complete the tender offer and consent solicitation for the Notes upon consummation of the Merger. The completion of the Merger and the related debt financings are not subject to, or conditioned upon, the completion of the tender offer or the related consent solicitation or the adoption of the proposed amendments with respect to the Notes.
Clear Channel has retained Citi to act as the lead dealer manager for the tender offer and lead solicitation agent for the consent solicitation and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offer and co-solicitation agent for the consent solicitation. Global Bondholder Services Corporation is the Information Agent for the tender offer and the consent solicitation. Questions regarding the transaction should be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free).
This announcement is for informational purposes only. This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to the Notes. The tender offer and consent solicitation are being made solely pursuant to the Offer to Purchase and related documents. The tender offer and consent solicitation are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the tender offer and consent solicitation to be made by a licensed broker or dealer, the tender offer and consent solicitation will be deemed to be made on behalf of Clear Channel by one or more of the dealer managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
Clear Channel Communications, Inc. (NYSE: CCU), headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising industry with radio stations and outdoor displays in various countries around the world.
This press release contains forward-looking statements based on current Clear Channel management expectations. Those forward-looking statements include all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (2) the outcome of any legal proceedings that have been or may be instituted by or against Clear Channel and others relating to the merger agreement; (3) the inability to complete the Merger due to the failure to satisfy conditions to consummation of the Merger; (4) the failure to obtain the necessary debt financing arrangements contemplated in connection with the Merger; (5) the failure of the Merger to close for any other reason; (6) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (7) the effect of the Merger on our customer relationships, operating results and business generally; (8) the ability to recognize the benefits of the Merger; (9) the amount of the costs, fees, expenses and charges related to the Merger; and (10) the impact of the substantial indebtedness incurred to finance the consummation of the Merger. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Clear Channel’s ability to control or predict. Clear Channel undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Employee turnover surveys, employee retention surveys and exit interview surveys gather information and perceptions from former employee and/or current employee about what it is like to work for your organization and what it takes to keep employee. These employee surveys identify why employee are satisfied, engaged and are likely to stay with your organization for the foreseeable future, or why they are thinking about leaving, or in the case of former employee, why they left your company.
The high costs of excessive voluntary employee turnover include:
Costs for recruiting new replacement staff
Costs for training and developing replacement staff
Learning curve costs - While they are learning their new job, learning about your products and services, about your organization and other important information, it often takes many weeks or months for new employees to reach their potential performance
The negative impact on customers while replacement employees are not yet hired and while new replacement staff are not yet fully trained and fully proficient
The negative impact on customers and employees covering for staffing shortfalls due to attrition
The negative impact on your organization's "employer of choice" reputation due to high attrition
Employee Turnover Surveys (feedback or opinion surveys of former employee). Employee turnover surveys identify why former employee left your company, where they went and why, what could have been done to improve their work experience and keep them with your company, and other pertinent information and insight. These surveys are typically conducted semi-annually or annually and are sent to all former employee that left your organization on their own initiative.
Exit Interview Surveys (employee complete the employee exit interview survey prior to leaving your company). Exit interview surveys identify why staff are leaving your company, where they are going and why, what could have been done to improve their work experience at your company, and other pertinent information and insight.
Employee Retention Surveys / Employee Turnover Surveys of Current Employee with a particular focus on employee retention. These surveys are highly effective for companies with high turnover throughout the organization, or with high turnover in one particular department such as sales or a call center, etc. These employee surveys assess key aspects of employee satisfaction and employee engagement, and the likelihood that employee will stay with your company for the foreseeable future. These employee surveys also identify reasons staff are likely to leave your company and what can be done to reduce voluntary attrition.
Employee Retention Survey/Employee Turnover Survey and Exit Interview Survey Metrics:
Employee retention surveys provide a wealth of information and insight regarding why employees are thinking of leaving or are actually leaving your company. Acting on this information and insight, your company can significantly reduce unwanted turnover, generating a strong payback on the surveys and bottom line results.
Employee retention surveys. employee turnover surveys and exit interview surveys are especially useful for organizations or specific departments experiencing high levels of turnover. For example, these surveys can identify what needs to be done to reduce turnover and increase performance of a company's sales force, a department that often experiences high levels of turnover.
Benefits of Employee Retention Surveys
Gaining information and insight for attracting and retaining staff
Reducing costly turnover
Identifying ways to increase employee satisfaction and engagement
Increasing "employer of choice" status
Increasing effectiveness of managers
Improving the recruiting & hiring process
Avoiding hiring employees who are not likely to be successful
Eliminating obstacles impacting performance
Improving communications
Identifying drivers of staff turnover enabling changes based on their feedback
For retention surveys of former employees, learn why they left your company and what they like better at their new company
Gathering suggestions for running your organization more effectively
Clear Channel is the largest owner of full-power AM, FM, and shortwave radio stations and twelve radio channels on XM Satellite Radio, and is also the largest pure-play radio station owner and operator. The group was in the television business until it sold all of its TV stations to Newport Television in 2008.
The term "clear channel" comes from AM broadcasting, referring to a channel (frequency) on which only one station transmits. In U.S. and Canadian broadcasting history, "clear channel" (or class I-A) stations had exclusive rights to their frequencies throughout most of the continent at night, when AM stations travel very far due to skywave. WOAI in San Antonio, Clear Channel's flagship station, was such a station.
The tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the AMFM Offer to Purchase and Consent Solicitation Statement for the Notes dated December 17, 2007, and the related Letter of Transmittal and Consent. Further details about the terms and conditions of the tender offer and consent solicitation are set forth therein.
The tender offer and consent solicitation is being made in connection with the previously announced merger (the “Merger”) with BT Triple Crown Merger Co., Inc. The closing of the Merger is scheduled to occur on July 30, 2008. AMFM intends to complete the tender offer and consent solicitation for the Notes upon consummation of the Merger. The completion of the Merger and the related debt financings are not subject to, or conditioned upon, the completion of the tender offer or the related consent solicitation or the adoption of the proposed amendments with respect to the Notes.
Clear Channel has retained Citi to act as the lead dealer manager for the tender offer and lead solicitation agent for the consent solicitation and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offer and co-solicitation agent for the consent solicitation. Global Bondholder Services Corporation is the Information Agent for the tender offer and the consent solicitation. Questions regarding the transaction should be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free).
This announcement is for informational purposes only. This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to the Notes. The tender offer and consent solicitation are being made solely pursuant to the Offer to Purchase and related documents. The tender offer and consent solicitation are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the tender offer and consent solicitation to be made by a licensed broker or dealer, the tender offer and consent solicitation will be deemed to be made on behalf of Clear Channel by one or more of the dealer managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
Clear Channel Communications, Inc. (NYSE: CCU), headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising industry with radio stations and outdoor displays in various countries around the world.
This press release contains forward-looking statements based on current Clear Channel management expectations. Those forward-looking statements include all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (2) the outcome of any legal proceedings that have been or may be instituted by or against Clear Channel and others relating to the merger agreement; (3) the inability to complete the Merger due to the failure to satisfy conditions to consummation of the Merger; (4) the failure to obtain the necessary debt financing arrangements contemplated in connection with the Merger; (5) the failure of the Merger to close for any other reason; (6) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (7) the effect of the Merger on our customer relationships, operating results and business generally; (8) the ability to recognize the benefits of the Merger; (9) the amount of the costs, fees, expenses and charges related to the Merger; and (10) the impact of the substantial indebtedness incurred to finance the consummation of the Merger. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Clear Channel’s ability to control or predict. Clear Channel undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Employee turnover surveys, employee retention surveys and exit interview surveys gather information and perceptions from former employee and/or current employee about what it is like to work for your organization and what it takes to keep employee. These employee surveys identify why employee are satisfied, engaged and are likely to stay with your organization for the foreseeable future, or why they are thinking about leaving, or in the case of former employee, why they left your company.
The high costs of excessive voluntary employee turnover include:
Costs for recruiting new replacement staff
Costs for training and developing replacement staff
Learning curve costs - While they are learning their new job, learning about your products and services, about your organization and other important information, it often takes many weeks or months for new employees to reach their potential performance
The negative impact on customers while replacement employees are not yet hired and while new replacement staff are not yet fully trained and fully proficient
The negative impact on customers and employees covering for staffing shortfalls due to attrition
The negative impact on your organization's "employer of choice" reputation due to high attrition
Employee Turnover Surveys (feedback or opinion surveys of former employee). Employee turnover surveys identify why former employee left your company, where they went and why, what could have been done to improve their work experience and keep them with your company, and other pertinent information and insight. These surveys are typically conducted semi-annually or annually and are sent to all former employee that left your organization on their own initiative.
Exit Interview Surveys (employee complete the employee exit interview survey prior to leaving your company). Exit interview surveys identify why staff are leaving your company, where they are going and why, what could have been done to improve their work experience at your company, and other pertinent information and insight.
Employee Retention Surveys / Employee Turnover Surveys of Current Employee with a particular focus on employee retention. These surveys are highly effective for companies with high turnover throughout the organization, or with high turnover in one particular department such as sales or a call center, etc. These employee surveys assess key aspects of employee satisfaction and employee engagement, and the likelihood that employee will stay with your company for the foreseeable future. These employee surveys also identify reasons staff are likely to leave your company and what can be done to reduce voluntary attrition.
Employee Retention Survey/Employee Turnover Survey and Exit Interview Survey Metrics:
Employee retention surveys provide a wealth of information and insight regarding why employees are thinking of leaving or are actually leaving your company. Acting on this information and insight, your company can significantly reduce unwanted turnover, generating a strong payback on the surveys and bottom line results.
Employee retention surveys. employee turnover surveys and exit interview surveys are especially useful for organizations or specific departments experiencing high levels of turnover. For example, these surveys can identify what needs to be done to reduce turnover and increase performance of a company's sales force, a department that often experiences high levels of turnover.
Benefits of Employee Retention Surveys
Gaining information and insight for attracting and retaining staff
Reducing costly turnover
Identifying ways to increase employee satisfaction and engagement
Increasing "employer of choice" status
Increasing effectiveness of managers
Improving the recruiting & hiring process
Avoiding hiring employees who are not likely to be successful
Eliminating obstacles impacting performance
Improving communications
Identifying drivers of staff turnover enabling changes based on their feedback
For retention surveys of former employees, learn why they left your company and what they like better at their new company
Gathering suggestions for running your organization more effectively