Clear Channel Deal Moves Forward

Sarah Skates – 05/14/2008

Thomas H. Lee Partners and Bain Capital have secured loans to fund a $17.9 billion buyout of Clear Channel radio. The deal prices stock at about $36 per share, down from the original offering of $39.20 per share, following a three-way disagreement between the purchasers, banks and CC. The deal, pending shareholder approval, must close by New Year's Eve.

Montage Adds Songwriter, Staffer

Sarah Skates – 05/14/2008

Montage Music Group has signed Trent Jeffcoat to its publishing division. Bobby Rymer, Head of Publishing, made today’s (5/14) announcement. Jeffcoat is a native of Lexington, SC who has been writing songs since age eight. He has performed for years around his home state and lists Vern Gosdin, Paul Overstreet, Randy Travis, George Strait, Alan Jackson, Keith Whitley, Hank Williams Jr., and Lynyrd Skynyrd as influences.

In addition, Adam Moore has joined Montage’s Internet Marketing Team. He most recently worked as a lifestyle marketing rep for Epic and Columbia Records leading a small grassroots promotion team. Deb Haus, Head of Marketing and Artist Development, said she is thrilled Adam is on the team because he wears brightly colored shirts and cool shoes but most importantly because he is “incredibly good at conceptualizing innovative internet marketing campaigns and has a passion for the great music." Moore can be reached at amoore@montagemusicgroup.com.

Greatest Hits Take Top Spots

David M. Ross – 05/14/2008

Neil Diamond (146,000) bested Toby Keith (103,000) this week in the debut album SoundScan sweepstakes, coming in at No. 1 on the Top 200 albums chart. Looking at the country list, Keith and Dierks Bentley (42,537) topped the list, both with new Greatest Hits packages. Mothers Day traffic helped attract buyers into the stores, and as a result the Top 200 sales increased from the previous week by a robust 12%. Country’s Top 75 current album chart recorded a week over week sales jump of 54%! Looking at the big picture, country sales YTD remain down 14.3% while overall sales are off 11%.

Industry Seeks More FCC Testing For Wireless Devices

Sarah Skates – 05/13/2008

The Federal Communications Commission is considering allowing consumer wireless devices to operate in the same spectrum, known as white space, as wireless equipment used in live performances. Today (5/13) the Grand Ole Opry, CMT/MTV Networks, CMA, Fitzgerald Hartley management, Dove Awards producer SGTV, and audio engineers for the Doves and CMT Awards SeisMic Sound called on the FCC to maintain its "cautious" approach when making a decision. Interference with wireless microphones could affect everything from in-ear monitors to wireless intercoms, as well as other essentials such as cueing systems.

The aforementioned groups believe that Microsoft, Google, Motorola, and others are trying to downplay the importance of continued FCC technical testing, which they say has resulted in a poor performance prototype for sharing the white space. The groups do not want to share the space without fail-safe interference. Other companies such as Shure have also filed with the FCC to promote further testing.

Tennessean: Parts of New Book Inaccurate

Music in the Movies Luncheon Draws Top Panelists

An impressive group of panelists will participate in the upcoming “Music in the Movies" luncheon, an annual part of the Nashville Screenwriters Conference. Scheduled for noon on Sat., May 31 at the Country Music Hall...

Michael Davey Joins Skyline Music

05/13/2008

Skyline Music has signed singer-songwriter Michael Davey to a publishing agreement. Davey has written songs recorded by Faith Hill and Sara Evans. He is currently producing and co-writing with up-and-coming artists Shanna Crooks, Jessica Andrews and Nikki Williams and is also writing material for his own project.

Pictured (L-R) back: Chip Voorhis, Paul Worley, Liz Morin and Wally Wilson with Davey in front. Photo: Jeremy Witt

Industry News Tuesday (5/13/08)

Clear Channel is set to ramp up its online offerings with a “personalized radio player, lyrics page and widget strategy,” according to Billboard. Also in the works is a possible deal with music discovery site...

Clear Channel Purchase Probable

Sarah Skates – 05/12/2008

Clear Channel purchasers Thomas H. Lee and Bain Capital are nearing an agreement with lenders over the buyout, according to the Wall Street Journal. The six banks tried to back out of financing the deal, but a string of courtroom decisions have ruled in favor of the private equity buyers. The WSJ reports that the two sides are discussing a price of about $36 per share, in return for the banks receiving a higher interest rate.

LongHorn Closing Midtown Location

Sarah Skates – 05/12/2008

The LongHorn Steakhouse near Music Row will shutter its doors on Sat., May 17 after twenty years in business. A manager on duty said that continuing operations at its current Lyle Ave. location is not feasible at this time. He added that news of the closing came on the day of the restaurant’s 20th anniversary. The popular establishment was named Best Lunch Destination to Seal a Deal in the 2003 Music Row reader-voted Best Of Awards. According to the manager, the chain wants to maintain a Nashville presence and is considering a move downtown.