"He's dead in the water," said an insider last week about recent developments concerning Mike Glickenhaus and his attempts to purchase Clear Channel's Mexican stations. "He can't get the money. I heard he paid a $50,000 nonrefundable deposit for a two-week extension [to raise the money]. I am told that Clear Channel wants $135 million and that they will not let [the stations] go for less."
One of those rumored to be involved with this deal was Ron Fowler, owner of Mesa Distributing, which distributes Miller beer. He said he had heard the rumor that he was investing money with Glickenhaus for the radio station, but he said that it was not true. "I have known Mike for many years, and I did meet with him to put together a plan so he could get some venture capital investors.... I am not interested in investing myself."
Two Clear Channel employees have said they have received memos saying that the Mexican stations under a new owner would continue to be operated out of Clear Channel's Kearny Mesa headquarters.
One competing radio exec wonders if the move is a "smoke screen," allowing Clear Channel to continue to oversee the Mexican stations while telling the FCC it has divested.
When asked via e-mail last week about the purchase of 91X, Glickenhaus said he had no comment.