Clear Channel downgraded


Banc of America analyst Jonathan Jacoby cut his rating on Clear Channel Communications to "neutral," saying investors are pricing in best-case scenarios for a proposed private-equity buyout of the radio giant. Thomas H. Lee Partners, part of a group that owns the Nielsen Co., parent company of The Hollywood Reporter, and Bain Capital want to buy the firm for $37.60 per share. Jacoby doesn't expect a much higher buyout offer and argued the stock price doesn't price in a possible collapse of the deal despite the opposition of key institutional shareholders.
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