Deal Seen Coming Into Focus On Clear Channel's TV Sale

DEAL SEEN COMING INTO FOCUS ON CLEAR CHANNEL'S TV SALE
[SOURCE: Wall Street Journal, AUTHOR: Shira Ovide shira.ovide@dowjones.com]
An affiliate of Providence Equity Partners acknowledged a settlement is possible in a contentious lawsuit over a sale of Clear Channel Communications Inc.'s television stations. For nearly a month, Providence Equity, Clear Channel and Wachovia Corp. have been locked in a legal dispute over the sale of the stations. The media company has blamed the potential buyer, Providence Equity affiliate Newport Television, for delays in closing the deal, valued at more than $1 billion. Providence Equity in turn has blamed Wachovia for balking on commitments to help finance the transaction. For Clear Channel, there are advantages to ending the dispute quickly, so that it can focus on closing a bigger deal to be taken over by private-equity investors. Clear Channel has said it expects to close its $19.5 billion sale to Thomas H. Lee Partners and Bain Capital by the end of the month, but said it wants to close the TV-station sale before completion of the bigger buyout.
http://online.wsj.com/article/SB120546082307835633.html?mod=todays_us_ma...
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* Crossed Signals On Clear Channel
Looking for some clarity on whether the $19.5 billion buyout of Clear Channel Communications will go through? Maybe you shouldn't ask anyone involved, at least until they get their stories straight.
http://online.wsj.com/article/SB120546495086835951.html?mod=todays_us_mo...