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overview
landmarks
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This
page looks at Chancellor, Capstar and Hicks Muse Tate
& Furst.
It covers -
LIN TV
In 1998 HMTF acquired US television group LIN
TV in a US$1.9 billion deal.
The group traced its origins to LIN Broadcasting, a conglomerate
that included radio, television, publishing and mobile
phone operations. A 45% controlling stake in LIN was acquired
by mobile phone giant McCaw, which in turn was acquired
by AT&T.
AT&T spun off the broadcaster's television operations
as a new, Nasdaq-listed public company - LIN Television
Corporation. Spin off reflected regulatory concerns -
the telco was concerned with carriage, not content - and
focus (AT&T had acquired McCaw for its mobile phone
operations ad was keen to sell non-core assets such as
broadcasting to pay down its huge debt). AT&T simultaneously
acquired the outstanding shares in LIN Broadcasting.
The HMTF deal followed a bid by Raycom.
studies
There have been no major studies of Chancellor, Capstar
Broadcasting or HMTF.
A perspective is provided in Connie Bruck's The Predators'
Ball: The Inside Story of Drexel Burnham & the Rise
of the Junk Bond Raiders (New York: Penguin 1989),
The New Financial Capitalists: Kohlberg Kravis Roberts
and the Creation of Corporate Value (Cambridge: Cambridge
Uni Press 1998) by George Baker & George Smith, Merchants
of Debt: KKR and the Mortgaging of American Business
(New York: Basic Books 1992) by George Anders and works
cited on the LIN, Clear
and Metromedia profiles elsewhere
on this site.
 next
page (chronology)
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