Mitt Romney founded Bain & Co. in 1984, and today its spinoff — Bain Capital — is the third largest private equity firm in the country. Today they bought ClearChannel, a company that owns over 1100 radio stations and 30 TV stations.
This is why media consolidation issues are so important. One rich guy who wants to be president can buy a media empire overnight. Now of course, Romney will argue that he didn’t buy Clear Channel, his private equity company Bain Capital did. And of course, there is no conflict of interest because Romney doesn’t tell Bain Capital what to do as he’s no longer officially with the company.
Still, seeing as how Clear Channel hosts Rush Limbaugh, Glenn Beck, and Sean Hannity and controls over 1,000 TV and radio stations nationwide, does anyone here really think Romney won’t use this newfound pedestal to promote his candidacy, however subtly?
Sounds kind of like Romney’s relationship to Bain is like Dick Cheney’s to Halliburton. There certainly was never any problem there.
Tim Karr has more on the dangers of media consolidation, and the deal that FCC Chairman Kevin Martin is trying to push through allowing one company to own broadcast station and a major daily newspaper in the same market.
Two words: bad juju.