Thomas H. Lee and Bain Capital agreed to buy broadcast company Clear Channel (CCU) for $39.20 a share. As usual, several banks are putting up most of the money, an obligation of $18 billion in this case.
With LBO debt being written down right and left, it would be understandable if the banks had lost some of their lust for the transaction. According to The Wall Street Journal, the banks say the deal is in trouble because the two private equity firms have cold feet. The firms blame the banks.
Broadcast advertising revenue is falling apart, so it could be that all of the financial players involved would like out of the deal.
Then, it can end up in court.
Douglas A. McIntyre
“The Next NVIDIA” Could Change Your Life
If you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.
The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”
Click here to download your FREE copy.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
