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Clear Channel Deal Is Close to Collapse

What You Should Have Read, March 26, 2008

Published on .

Clear Channel Deal Is Close to Collapse

The Wall Street Journal reports that one of the marquee deals of the now-faded corporate buyout boom was close to collapse Tuesday night, a victim of the credit-market turmoil that began last summer. The planned $19 billion privatization of the nation's largest radio broadcaster, Clear Channel Communications, looked increasingly likely to fall through as the private-equity firms and banks backing the transaction failed to resolve their differences over final financing terms, people familiar with the matter said. With the credit crunch drying up the market for loans, the Clear Channel deal, which traces back to late 2006, now looks like a pricey relic.
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