Randy Michaels to run new TV group

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Dr. Whiplash
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Randy Michaels to run new TV group

Post by Dr. Whiplash » Thu Jan 18, 2007 11:39 am

Michaels to run TV company
By Cliff Peale, Cincinnati Enquirer

Randy Michaels is back in the media business. The former Jacor Communications and Clear Channel Communications radio executive, and one of the fathers of shock radio, has been named chief executive officer of Local TV LLC, formed by a New York private-equity firm to buy nine television stations from New York Times Co. for $575 million. The stations do not include any Cincinnati-area properties. The deal also included associated Internet sites and a digital operating center.

Michaels' former Jacor colleague Bobby Lawrence will be president and chief operating officer. The company will be based somewhere in Northern Kentucky, and Pam Taylor, former head of investor relations at Jacor, will be chief financial officer.

Michaels led Clear Channels' 600-station radio unit after Clear Channel bought Jacor but stepped down in 2002. Michaels' non-compete agreement with Clear Channel expired Dec. 31.

Lawrence said he and Michaels will be minority owners in the venture, which they hope to expand into other media properties, including those online. One of the first opportunities will be the 42 television stations that Clear Channel has put up for sale, including WKRC-TV (Channel 12) in Cincinnati. Lawrence said they have not talked to Clear Channel about those stations but would be interested.

The acquired stations are in Iowa, Arkansas, Alabama, Tennessee, Illinois, Virginia, Oklahoma and Pennsylvania.

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Mark Hallburn
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Post by Mark Hallburn » Sat Jan 20, 2007 5:30 am

Anything Michaels does will likely have success...
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