WSJ: Clear Channel deal is near collapse
Tuesday, March 25, 2008 at 4:46 PM
Tags: Clear Channel, In the Media, Terrestrial
Ouch, that's got to hurt. Just as Sirius and XM edge closer to finalizing their own merger, the Wall Street Journal is now reporting that Clear Channel Communications Inc. is having trouble closing their own.
Indeed, they're saying it's nearing a complete "collapse."
According to WSJ sources, the private equity firms behind the deal (Thomas H. Lee and Bain Capital Partners LLC) and the banks financing it have failed to resolve their differences over the terms of the credit agreement. Those banks are Citigroup, Morgan Stanley, Deutsche Bank, Credit Suisse, RBS and Wachovia.
"The sponsors do not want to do this deal," said one person involved, referring to the private equity firms. "No one wants to do this deal except for the seller."
Aw shucks.
[Wall Street Journal]
Featured Entries
Search Orbitcast:
Latest Poll
Sponsored Links
Comments
Stock is down 20% in after hours.
http://finance.google.com/finance?q=CCU
Posted by: ncw | March 25, 2008 5:33 PM
Oh dear...
Posted by: Anonymous Coward | March 25, 2008 5:39 PM
Hope these losers are partly funding iNiquity.
Posted by: Anonymous | March 25, 2008 5:57 PM
I have absolutely no symphony for Clear Channel. None. Their a low piece of sh!t company who profits from annoying people like you and me by drowning us with their ads and their biased messages. They can take their billboards, radio ads etc, and place them up their asses because companies like them can go to hell.
Fck them: http://finance.yahoo.com/q/ir?s=CCU low pieces of shit.
Go back to hell CCU asswhipes
HA 28% in one day. Fcks
ok I'm done..
Posted by: Anonymous Coward | March 25, 2008 6:45 PM
Good
Posted by: RonandFezNoonTo2:40 | March 25, 2008 7:17 PM
I'm astonished!
Posted by: Anonymous Coward | March 25, 2008 7:18 PM
The League of Radio Kickback Organizers is Outraged!
Posted by: David Frear | March 25, 2008 7:25 PM
Paybacks a bitch aint it?
Posted by: Anonymous Coward | March 25, 2008 7:28 PM
Paybacks a bitch aint it?
Posted by: Anonymous Coward | March 25, 2008 7:28 PM
Man, talk about having a rough week!
Posted by: Max | March 25, 2008 9:04 PM
Bain lost the Presidency and now they lost the blockage of XM/Sirius which caused the CCU deal not to look real good. Tough year for them.
Posted by: Anonymous Coward | March 25, 2008 9:34 PM
Suck it, ClearCriminal.
Posted by: Mat | March 25, 2008 9:40 PM
I am astonished!
Posted by: banff21 | March 25, 2008 9:55 PM
Revenge of the Dixie Chicks!
Posted by: John F | March 26, 2008 8:15 AM
just to many old fashion stations in many markets.....to operate at a profit....
Posted by: Tim wallick | March 26, 2008 10:07 AM
It's great that a company that tried to block the merger is now introuble themselves. They tried to by-pass laws on media ownership, thinking that they are above the law, so look at them now.
Posted by: Jack | March 26, 2008 10:10 AM
Too bad they just finished their sale of the television station business to Newport Television. Now a large collection of TV stations (56 +/-) is headquartered here in Kansas City (MO). Maybe the new owners will be smart and throw the NAB membership renewal notice (and those damn return address labels) in the trash.
Slowly the Clear Channel empire falls apart like a cheap pair of shoes from Wal-Mart.
Posted by: ndnbc | March 26, 2008 2:07 PM