Future of Clear Channel Looking Murky, Cloudy and Gloomy
Clear Channel issued its most bleak assessment yet of its attempt to sell itself to two private equity firms. In a SEC filing, the radio giant said it cannot guarantee investors a timeline on when it could complete the $19.5 billion deal, thanks to the banks involved suddenly worried over the dilapidated credit market. What is said in the filing – that the deal is in jeopardy – isn’t news itself; we’ve known that all week. But that there was a filing at all with mention of Clear Channel’s concerns tips the guessing game to a “deal’s off’ scenario. [Forbes]
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