Clear Channel Sues to Force Buyout Deal

BROADCASTER SUES TO FORCE BUYOUT DEAL
[SOURCE: Bloomberg News 2/18]
Clear Channel Communications, the largest radio broadcaster in the United States, said Sunday that it had sued a unit of the private equity firm Providence Equity Partners to force a completion of a $1.2 billion purchase of 56 television stations. Clear Channel contended that executives of the Newport Television subsidiary of Providence expressed “buyer’s remorse” in October and refused to complete the buyout of the stations. Clear Channel is asking a state judge in Wilmington, Del., to order Newport to complete the deal.
http://www.nytimes.com/2008/02/18/business/media/18clear.html
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* Providence Miffed by Clear Channel Suit
http://www.tvnewsday.com/articles/2008/02/19/daily.2/