In other words: A discussion of The Bush Administration
Media exec hopes to cash in on TV consolidation
Frank Washington, the CEO of System Integrators Inc. until the Sacramento newspaper-software company was sold in June 2000, heads a new company these days called Moon Shot Communications. And his new goal is to make a lot of money in the next several years by buying TV stations across the country, waiting for their value to increase, and then selling them to the highest bidders.
It sounds innocent until you read on:
Washington and four partners are working with investors and the Carlyle Group of Washington, D.C.[emphasis mine], a major private-equity firm, to line up stations they might buy. They figure they can assemble groups of TV stations for good deals now, by purchasing TV stations owned mostly by small companies outside large U.S. markets. Washington counts on the sellers not seeing the same potential in their properties that he does.
You remember The Carlyle Group don't you?
They are responsible for the fun irony of having George Bush the elder waking up in the White House on September 11th, 2001, to get ready for a meeting with Shafig bin Laden (Osama's brother) (to be fair it was a large Carlyle Group meeting and at the time the Bin Laden family were share holders... there were others folks there too). Wonderful.
- rob 4:57 PM - [PermaLink] -
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