But, like everything else with the laborious effort to drive the Clear Channel juggernaut off of Wall Street, it has been moved forward. But only a week. The new deadline is 4/25/08.
At the moment, of course, Clear Channel and its potential buyers, Bain Capital and Thomas H. Lee Partners, are battling it out with the balky banks in the courts. The six banks include Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, The Royal Bank of Scotland and Wachovia.
The court wrangling continues, as CCU tries to keep the action in Texas and the banks try to arm wrestle it over to New York.
According to a Dow Jones report on CNNMoney.com, Clear Channel and friends are looking for 26B in damages, while the banks are trying to cap their liability at 600M or less.
RBR/TVBR observation: By the time the Clear Channel privatization deal is ready to close, there are better than even odds that Wall Street will be submerged underneath what used to be ice covering Greenland. And that will still probably come in ahead of FCC approval to combine two network affiliated television stations in the Springfield MO DMA.
