Ryan Seacrest’s new television company has attracted radio conglomerate Clear Channel as an investor, reports The New York Times.
Clear Channel will take a minority stake in Ryan Seacrest Productions, the story reports. Clear Channel recently renamed itself Clear Channel Media and Entertainment as a way to signal its move beyond radio, including television, according to the story.
In a separate agreement, Seacrest, the host of “American Idol,” will work with the two private equity firms that own Clear Channel — Thomas H. Lee Partners and Bain Capital — to help find new investments and acquisitions, with $300 million pledged to the program, the story says.
Clear Channel didn’t disclose how much it is investing in Ryan Seacrest Productions, which will remain majority owned by Seacrest, the story adds.