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Clear Channel To Cut Price Of TV Group

Clear Channel Communications will cut the price of its television group by $100 million to hang on to deal with a private-equity firm, according to insiders. Clear Channel and Providence Equity Partners, which controls the buyer for the 56 stations, have in principle an agreement to cut the price on a deal valued at $1.2 billion. But that could cause problems as one of the banks financing the original deal -- Wachovia Corp. -- which sued Providence last week, saying any new pact would void its commitment.

Providence has been trying to renegotiate as the television advertising has deteriorated since it agreed to the price last April. The company has also sued to force Providence to close the deal, an action that would be settled if a new deal is approved.



Read the whole story at Associated Press via ABC News »

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