UNITED STATES
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CLEAR CHANNEL COMMUNICATIONS, INC.
(Name of Registrant as Specified In Its Charter)
BT TRIPLE CROWN MERGER CO., INC.
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EXHIBIT INDEX
| Exhibit No. | ||
| 99.1 | Excerpt from Transcript of Interview on CNBC’s “Street Signs” televised on March 16, 2007. | |
Exhibit 99.1
CNBC
Street Signs (2:38 PM)
16 March 2007
David Faber (Host): While I have you, can’t help myself, I have to ask about one deal, Clear Channel of course which you’re in the process of trying to buy and pushed the vote off, do you expect you will be able to win the vote now that it is pushed off a month?
Scott Sperling (Co-President of BT Triple Crown Merger Co., Inc.): I think we do. What we know is the overwhelming majority of shareholders want to vote for the deal and recognize the $37.60 price is an incredible premium price for a company trading in the $20s before this process started and that will probably return to that price level given the very difficult fundamentals in the radio business. The radio business has become a lot tougher since we signed up the deal. If you look at the comp companies they’ve traded down dramatically, 15 to 20% and the multiple of those comp companies has traded down from 11.5X to about 10X multiple for the radio plays, 8.5X for CBS which is the best comp. I think people understand that, and see this as a very, very strong price that is somewhat enabled by the very robust capital markets – debt markets that we have. If those debt markets become choppier you can’t pay anywhere near $37.60 and I think that is a more likely outcome if the deal gets turned down.