Decision Summary - CC Media Holdings, Inc

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Background to the Investment:
Clear Channel's equity interests include 50 percent of Australian Radio Network Pty Limited, a joint venture between Clear Channel and APN News and Media Limited, which owns 100 percent of ARN. ARN owns 100 percent of The Radio Network Limited which owns and operates over 100 radio stations across New Zealand including Newstalk ZB, Classic Hits and Radio Sport.
ARN has assets in New Zealand in excess of $100 million, including a transmission station on sensitive land situated at Lower Styx Road, Christchurch.

The Investment:
CC Media Holdings, Inc. (CC Media) proposes to acquire, through whollyowned subsidiaries, 100 percent of the shares of Clear Channel, a United States company listed on the New York Stock Exchange.
The acquisition of Clear Channel by CC Media is a global transaction which incorporates the New Zealand companies of ARN. The Clear Channel's indirect interest in ARN was not individually considered by the Applicant in making its investment decision with regard to Clear Channel. Clear Channel is a diversified media company that was incorporated in the United States.

Rationale:
The Applicant's strategy for Clear Channel is to operate the business substantially as it has been operated to date and to support management's plans for growth. The Applicant will provide high level strategic advice and access to capital resources. The Applicant has no current intention to cause Clear Channel to change their current strategies with respect to ARN or its operations.
The Applicant considers the investment in Clear Channel attractive because it has a strong management team, a leading position in a variety of markets, and long term growth opportunities in its radio and outdoor businesses.
The proposal is likely to result in consequential benefits through the financial and strategic skills that the Applicant will bring to ARN and its subsidiaries.
Refusal would likely adversely affect New Zealand's image overseas as the assets proposed to be acquired represent a minor part of a wider global transaction.