NEW YORK (CelebrityAccess MediaWire) — Former Clear Channel and Jacor Communications radio exec Randy Michaels has been named CEO of Local TV LLC, a new company formed by a New York private-equity firm to buy nine television stations from the New York Times Co.
The deal also included associated Internet sites and the group’s digital operating center.
Michaels’ former Jacor colleague Bobby Lawrence will serve as president and COO of the company, according to a press release from Oak Hill Capital Partners, who announced the $575 million purchase of the television stations.
“Local TV will be on the leading edge of change as the industry evolves,” Michaels said in the statement.
Michaels and Lawrence joined Oak Hill as consultants last year to assist in the nine-station purchase. The stations are located in Iowa, Arkansas, Alabama, Tennessee, Illinois, Virginia, Oklahoma and Pennsylvania. Eight of the nine are “Big Three” affiliates – ABC, CBS or NBC.
Michaels joined Clear Channel when Jacor was acquired by the media giant. CCC became the largest radio broadcaster in the country with over 1,200 stations, with Michaels as CEO.
The controversial Michaels was forced out of his position by the company in 2002 after many brash moves involving what Clear Channel described as “questionable business practices.” –by CelebrityAccess Staff Writers