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Radio giant breaks into TV business

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Radio broadcasting giant Clear Channel is breaking into the TV production business. The company announced Tuesday that it is taking a minority stake in the production company of "American Idol" host Ryan Seacrest.
Ryan Seacrest Media produces "Keeping Up with the Kardashians" and "Jamie Oliver's Food Revolution."
In a separate deal, Clear Channel's majority investors, Thomas H. Lee Partners and Bain Capital, are committing a combined $300 million to work with Seacrest's company to identify, acquire and develop innovative media companies.
Clear Channel CEO Bob Pittman said the new venture will aim to break into the TV production market and use Clear Channel's massive radio network to help promote the shows. He said the same formula helped launch the Fox network in the late 1980s.
Associated Press
Story tags » RadioTelevision



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