Clear Channel Completes Sale to Providence
-- Broadcasting & Cable, 3/17/2008
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.
