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."
[Wall Street Journal]