Private equity firms start off by raising capital commitments primarily from large institutional investors like pension funds, foundations, and endowments, often using the capital to buy companies with debt financing, hence the common name of leveraged buyouts. These days, the leverage is usually on the order of 60 to 70 percent of the purchase price, less than that of most home purchases. To increase the value of their companies and investments, private equity funds and their managers seek ways to increase business growth and cut costs, typically applying three types of engineering to help increase the value of their investments: financial, governance, and operational engineering. Financial engineering involves strongly incentivizing the CEO and top company executives, usually requiring they invest personal monies in the company. With equity and options, the executives usually own 10–20 percent of the company. Governance engineering involves playing a strong corporate governance role. Private equity investors control their portfolio companies’ boards, closely monitoring and regularly advising the company and its executives. Most top private equity firms added operational engineering more recently, bringing consulting and executive resources systemically and consistently to portfolio companies. These resources might include advice on and help with pricing, sales management, manufacturing, and procurement. Mitt Romney, a Founding Partner of Bain Capital, pioneered the use of consulting resources (from Bain Consulting) in private equity investments. In 2008, Bain Capital and Thomas H. Lee Partners (THL) took Clear Channel Communications private in a leveraged buyout, now a CC Media Holdings, Inc. subsidiary. This paper covers the leveraged buyout intricacies, examines corporate governance, overall financial health, concerns from findings, and applicable recommendations.