Hicks to Retire Next Year From Buyout Firm

Tom Hicks will retire from Hicks, Muse, Tate & Furst to spend more time on his family investments, according to Reuters.
He is chairman and co-founder of the leveraged buyout firm. Co-founder John R. Muse will take over as chairman next March.
Hicks and Muse founded the firm in 1989; in 1994 it bought what became Clear Channel Communications. Hicks remains a director and major shareholder in that company and is a former chairman of predecessors Capstar Broadcasting and Chancellor Media.
According to Reuters, Hicks Muse has more than 400 transactions pending or completed, with a capital value of about $50 billion. “But Hicks Muse also became known for heavy and bruising bets in telecom companies in the latter 1990s when valuations peaked and later collapsed, prompting the firm to adopt what it called a ‘back to basics’ strategy of focusing on industries it knows well,” it reported.
Hicks told the news service he was retiring because he wants to spend more time with his family and oversee family investments in the Texas Rangers, the Dallas Stars hockey team and others.