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An article in the Wall Street Journal says the deal to take Clear Channel private is “near collapse.”
“Nobody wants to do this deal except the seller,” according to a person involved with the situation, the article states (subscription).
Thomas H. Lee and Bain Capital Partners, the private-equity firms behind the deal, have apparently failed to resolve differences with the banks financing the deal about terms of credit, said people familiar with the matter.
Clear Channel and the private equity buyers are expected to file a lawsuit against the banks - including Citigroup, Morgan Stanley, Deutsche Bank AG, Credit Suisse Group, Royal Bank of Scotland Group and Wachovia Corp - as soon as today, if a deal is not reached, according to The New York Times.
The Clear Channel deal is just the latest instance of a private equity deal heading to court as the credit market crunch has disrupted the buyout world, the Times writes.
Radio One revenues were down 2 percent in the first quarter, from $74 million in the first quarter of 2007 to $72.5 million in Q1 of this year. Station operating income was also down, by 15 percent.
Despite declines, the…
Nintendo is focusing its latest Wii campaign on women. The newest game, Wii Fit, is a fitness game scheduled to hit stores on May 19 and, while the game is geared toward both men and women, the company thinks it…
IdeaCast, provider of custom television content and advertising in the out-of-home video category has partnered with LiveTV, provider of in-flight entertainment for commercial airlines, and now has exclusive advertising sales rights to LiveTV video assets on Continental and Frontier Airlines.…
Cablevision’s Rainbow Media, which owns AMC and IFC, will now also own the Sundance Channel.
The channel, currently owned by NBCU, CBS/Showtime and Robert Redford, will fare better with a single owner, Rainbow execs believe, according to Variety.
The $496 million…
Google leads in the European search market with more than 19 billion searches conducted in March - or 79 percent of the market - according to the comScore qSearch 2.0 rankings (via MarketingCharts). No. 3 Yandex of Russia outpaced both Yahoo and…
Barnes & Noble’s online store will begin selling subscriptions - at deep discounts - to more than 1,000 print and digital magazines.
A one-year subscription to Men’s Health will sell for $24.95, for example, rather than its $45 cover price.…
