On Nov 22, 2004, at 1:17 PM, Jeremy Wieland wrote:
I've been following the debate over Clear Channel and one big piece has
remained unclear to me. What exactly is the role in this deal of Clear
Channel, and what authority do they have to exercise creative control over
bookings?
Anyone out there able to answer these questions for us laymen?
It sure isn't simple, Jeremy.
Here's the deal as I understand it:
Hennepin Theater Group (HTG) is a for-profit that manages the theaters.
Clear Channel is a booking consultant to HTG. Presumably, HTG can deal with other booking consultants and book non-CC shows (which they now do). The complication is that HST is negotiating to sell part of itself to Clear Channel. HST's president, Fred Krohn, says he will remain in control; presumably this would be a minority share. But unless it's ruled out in a deal with a city, Clear Channel could end up owning HST and the management contract for the theaters.
Hennepin Theater Trust (HTT) is a nonprofit that also produces some shows at the Hennepin theaters. HTG and HTT are affiliates.
HTT would own the theaters once HST/Clear Channel have paid off the theater debt. HTT head Tom Hoch says flatly that Clear Channel will "never" own HTT, and the city will insist on a provision preventing HTT from assigning ownership interest to anyone during the 30-year term of the deal.
However, it's worth noting that the day after HTT takes possession of the theaters (in other words, the day after the bonds are paid off), the trust would be free to sell to anyone and the city couldn't stop it.
Hope this helps, David Brauer Kingfield
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