Tweet

Clear Channel Completes Sale to Providence

By BroadCasting & Cable Staff -- Broadcasting & Cable, 3/16/2008 8:00:00 PM

Clear Channel Communications said it completed the sale of its Television Group to Newport Television, a holding company for Providence Equity Partners, for $1.1 billion.

The agreement for 51 TV stations is about $200 million less than the terms of the original agreement reached last April.

Clear Channel, Providence and Wachovia Bank have been tied up in litigation. Clear Channel had sued Providence, claiming that the private-equity firm was delaying the closing. Providence, in turn, filed suit against Wachovia for not living up to its commitment to provide financing for the deal. The new TV-station deal settles the outstanding litigation.

Clear Channel hoped to complete the station group buyout in order to execute a much larger sale to private-equity firms.

Tweet

Talkback

We would love your feedback!

Post a comment

» View All Talkback Threads

Related Content

• Topics
• Author
• Most Popular Pages

No related content found.

Also by this author

• Technology Leadership Summit 2011

• WGA Announces TV Noms

• Cable Ratings: 'Top Chef' Finale Draws 3.4 Million

• Leo Wolinsky Named Editor of Daily Variety

• CAB: Cable Ad Spending Grows to $18.7B in '09

Also by Staff Staff

Most Popular Pages

No Top Articles

• Resource Center
• Browse Categories
• Browse Companies

Featured Company

• Mixpo

  

  Mixpo is a video advertising technology provider that enables publishers, ad networks, and agencies to easily deliver dynamically tailored, interactive video ads that are customized in real-time for unique audience segments. Our platform also provides automatic multivariate testi..more

---

Most Recent Resources

• The New Normal for Promoting Tune-in
• Achieving Operational Freedom in Digital Media Workflows