Clear Channel’s music lessons

Shareholder tantrums are often warranted. But smart investors shouldn’t let their emotions get the best of them. That may be the case with some of Clear Channel’s shareholders who oppose the radio company’s $26 billion buyout offer from Bain Capital, TH Lee and Mays family. The $37.60 a share offer is on the stingy side. But before rejecting it, investors should be careful what they wish for. The travails of EMI, the British music label of the Beastie Boys and Pink Floyd, may provide a useful l...