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The deal is no longer so Clear
There was a time, not so long ago, when we heard of a multibillion-dollar deal every other day. These days, we hear more about buyouts falling apart. The latest deal to be in jeopardy is the sale of Clear Channel, the nation's number one owner of radio stations.
This time, it's not the buyers that are pulling the plug, it's the banks lending the money to the two private equity firms. Citigroup, Morgan Stanley, Deutsche Bank and Credit Suisse want to renegotiate the terms of the financing -- as in they want to set stricter terms (You see, it happens to the rich people, too). Clear Channel shares fell 5 point 6 percent before the markets closed and 21 percent in after-hours trading.
Posted on March 26, 2008 6:12 AM PT | Permalink
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