• Reuters via Yahoo, Monday, March 17, 2008 11 AM

Clear Channel Communications has completed the sale of its television assets to Newport Television LLC for $1.1 billion, ending months of stops and starts for a deal that sometimes looked doomed to fail. The radio behemoth first agreed to sell 56 television stations to Providence in April 2007 for $1.2 billion, but as the markets plunged, renegotiated a lower price. Last month, Clear Channel filed a lawsuit to force Newport parent Providence to complete the deal, but to settle that dispute, lowered its asking price by $100 million.

A further complication arose when Wachovia, one of the banks financing the deal, also sued Newport to get out of its commitment. Then Newport countersued, seeking break-up fees and expenses unless Wachovia coughed up the promised cash. But those claims were dismissed as part of the new deal and a Wachovia spokeswoman says the company is pleased that everyone is on board with the new transaction.

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