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The banks involved in the buyout of Clear Channel Communications have waved an olive branch, hoping to resolve the dispute about funding the deal.
In a letter to Clear Channel and private equity firms Thomas H. Lee and Bain Capital Partners today, the banks say they remain willing to fund the Clear Channel acquisition and are prepared to adhere to the decision of an independent arbitrator, the Wall Street Journal writes. The private-equity firms and Clear Channel recently sued the banks in Texas and New York in the hopes of forcing them to fund the deal.
The banks - Citigroup, Morgan Stanley, Deutsche Bank AG, Credit Suisse Group, Royal Bank of Scotland Group and Wachovia Corp - ask that court actions against them in Texas and New York be stayed, in return for an arbitration settlement.
The banks could face billions in losses if the deal goes through, as credit-market turmoil has made it difficult for them to package leveraged debt and sell to investors, according to the Journal.
Broadcasting company Radio One has struck a deal to sell ads on hip-hop news site AllHipHop.com.
The agreement spans five years and gives Interactive One, Radio One’s digital division, exclusive access to AllHipHop’s ad inventory, writes MarketingVox. AllHipHop boasts five million…
Tribune Co.’s sale of Newsday to Cablevision allows Tribune and its new chairman, Sam Zell, to put $600 million in expected cash proceeds toward its roughly $13 billion debt. This buys Tribune Co. more time to implement plans to turn…
Apple’s new model of the iPhone, which will provide 3G access and faster data connection speeds, is imminent, if the shortage of the current model means anything.
Apple’s website announced yesterday that the company is out of stock on previous…
NBC’s unusual upfront garnered mixed reviews from the media crowd; some blamed the network for using the new format to draw attention away from a weak programming slate, while others liked the innovative format.
Yesterday’s upfront event drew advertisers through…
Sirius losses shrunk in the first quarter, while XM’s losses widened, the companies announced yesterday, in what they hope will be their last quarterly financial reports as stand-alone companies.
Sirius’s loss of $104 million was an improvement over last year’s…
Budget Travel magazine is allowing readers to frolic through its pages in a whole new way: nearly all of the text and photography of the June issue was generated by readers.
The magazine pulled in 2,800 pitches, for a final…
