Reports: Sale Of CC TV Stations In Trouble
November 9, 2007 at 5:49 AM (PT)
Reports from the WALL STREET JOURNAL, REUTERS and the FINANCIAL TIMES indicate that the sale of CLEAR CHANNEL's TV stations may be in trouble, with sources saying that PROVIDENCE EQUITY PARTNERS may be pulling out of its $1.2 billion deal to buy the 56 stations. The reports say that the credit squeeze and the stations' poor recent performance and departure of key personnel played a role in PROVIDENCE's decision to reconsider the deal, which carries a breakup fee of $45 million if PROVIDENCE does choose to pull out.
The sale of the TV division is not a prerequisite to the sale of CLEAR CHANNEL to BAIN CAPITAL and THOMAS H. LEE PARTNERS.