If i am reading this article right, Clear Channel is effectively about to be broken up by a buyout offer. Thomas H Lee Partners (who already own Univision) are buying Clear Channel for $19 billion. As part of the deal, the new parent company is going to sell off 448 of the 1,000+ radio stations that Clear Channel owns, along with all 42 TV stations, and the Clear Channel Outdoor Advertising group (billboards). What i didn't realize was that Clear Channel had already spun-off its live event company (and SFX entertainment with it) now called Live Nation.
This is big. These guys also owned a controlling stake in Ticketmaster at one point, along with a few venues and concert promoters in major markets. What this lead to was Clear Channel radio stations promoting artists, who then played at Clear Channel owned venues, advertised on Clear Channel billboards, promoted by SFX entertainment, and sold tickets through Ticketmaster. This is the most complete example of vertical integration i know of. Certainly in the entertainment industry. And apparently it has been and is being quietly broken up - voluntarily - thanks to market forces.
This article on Forbes.com says that Google is one of the possible buyers for the radio stations. Now that would be really interesting.