Ryan Seacrest may have just reached his goal of becoming a media mogul and surpassing Simon Cowell on the Forbes top 100 list. In a press release today, it was announced that Clear Channel Media & Entertainment and their majority investors, Thomas H. Lee Partners (THL) and Bain Capital, have invested $300 million in his company RSM (Ryan Seacreast Media).
While this move may be great news for Seacrest, it’s probably a downer for many of the thousands of employees at Clear Channel. Although he is already the host and executive producer of “On Air With Ryan Seacrest”, which is syndicated on over 150 stations in North America with affiliates worldwide, and “America Top 40”, airing on Clear Channels top stations, this move will surely expand his reach. It likely means many more on-air radio jocks will lose their jobs to make room for his takeover. Rumor has it, they plan to add his syndicated show to many more radio stations across the country starting next week. Welcome to the world of “voice tracking“, unfortunately, pretty soon live jocks will be a thing of the past.
Clear Channel Media is the largest media company with the widest reach of any other TV or Radio station, with over 238 million listeners serving 150 cities through 850 owned radio stations. So this will limit the opportunities for jocks around the country. Where will all those jocks go?
It’s impressive that Seacrest started as an unknown sidekick on “American Idol” and has taken the “American Dream” to a new level. However, his dream has become a nightmare for the millions of already unemployed American workers across the nation. He seems to own everything, from the Kardashian’s to E! to the hosting too many shows to count, including “American Idol” and “Dick Clark’s New Year Rockin Eve”. This just does not seem fair…how many jobs can one person take away from the millions who can’t find a job.
Living in a “free world” which encourages entrepreneur’s to grow and become wealthy definitely has its perks. But one person replacing so many jobs just seems mind-boggling. I wonder if Ryan Secrest truly understands the impact of his involvement, or if he truly cares. Hopefully, he will donate to the charities who feed the needy and unemployed in the U.S.
As part of the two part investment move, he will continue to run the show as a majority owner, while expanding his empire. But how many jobs can one man have? Is Seacrest a Jamaican? Will a single man bring our recession back and further increase the unemployment rate?
What do you think? Should Seacrest lighten his load and allow others a chance at employment, or is this just part of living in America….where the rich get richer and the poor get poorer?
On a side note, I really like Ryan and believe he does a great job…but this is still an issue.
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Related Article on Reuters & Press Release