Tuesday, March 6, 2012

Mitt Romney’s Old Firm – Bain Capital – Owns Clear Channel, Network That Puts On the Rush Limbaugh Show

Not an Indictment of Mr. Romney, An Indictment of a Culture that Will do Anything for Money

The Rush Limbaugh Show, which is in the news recently for taking a policy discussion and using it to personally attack a young law student in the most vile terms is broadcast by something called Clear Channel, which naturally supports Mr. Limbaugh’s offensive language because, well because they make a lot of money from Mr. Limbaugh.

Clear Channel's Premiere Radio Networks Inc. hosts Limbaugh's program, one of the country's most popular talk radio shows. The company is supporting Limbaugh, whose on-air contract with Premiere runs through 2016. . . .

Clear Channel Media and Entertainment operates more than 850 radio stations in the U.S., and Premiere says it's the largest radio content provider in the country, syndicating programs to more than 5,000 affiliate stations . . .

Clear Channel's parent company was taken private in 2008 by private equity firms Thomas H. Lee Partners and Bain Capital.

Bain Capital, everyone will remember is the buyout firm started by Republican Presidential hopeful Mitt Romney, and  it is the vehicle by which he grew and is growing his fortune well past $250 million.  Now Mr. Romney was long gone from Bain when it bought Clear Channel, and while he may be collecting income from that investment he has nothing to do with managing it.  And Rush Limbaugh is not a fan of Mr. Romney’s.

But this does show the extent to which private investors are willing to go to make money.  Presenting the hate filled diatribes of Mr. Limbaugh is fine, as long as it contributes to the bottom line.

And the really great thing, since that concept of the Fairness Doctrine went away (the Fairness Doctrine said that since the broadcast frequencies belong to the people, anyone using them to present one side of a political argument had to allow the other side to present its side.  Obviously a terrible concept) Limbaugh and company can spew their hate over the airways with no fear that the opposite (ie, real) positions will get anywhere near equal play. 

1 comment:

  1. I appreciate your honesty that Romney (not my candidate) was no longer at Bain when Clear Channel was purchased. It seems to me that you are a Dem but stated the case fairly. Most items I've read do not make the distinction that Romney no longer manages Bain and thus Clear Channel. The only point I would question is opposite opinions getting less airplay. It seems to me that since we are sensitive to disagreement to our own ideas, we notice those opposing comments more than those that match our own. I listen to all the major news broadcasts including Fox. I've heard no one uphold RL's actions. Most people I know who are conservative/Republican stopped listening to him a long time ago. I frankly don't understand how he's remained on the air -- even before this most recent egregious behavior.