Clear Channel TV buyer may back out
Clear Channel Communications said Friday that Providence Equity Partners was considering withdrawing from a $1.2 billion deal to buy the radio operator's television assets. The deal for 56 stations in 24 markets was announced in April. The private equity firm is considering its options because of underperformance at the stations, a source familiar with the situation had told Reuters on Thursday. Clear Channel itself is going private in a nearly $20 billion deal led by Thomas H. Lee Partners and Bain Capital Partners LLC. The company said that transaction was not conditional on the TV sale.