There’s no official confirmation yet from either side, but both the Wall Street Journal and New York Times websites reported yesterday that Clear Channel Communications has settled its dispute with Providence Equity Partners over the sale of the Clear Channel Television group, reducing the price by 100 million to 1.1 billion bucks. That would let the transaction, which already has FCC approval, go to closing and then Providence can go ahead with deals it has already cut to sell some of the stations to other parties.
The new problem, though, is that one of the three lenders, Wachovia, is trying to back out. The New York Times reported that the bank sued Providence last Friday in a North Carolina court, contending that the renegotiated deal negated its previous financing commitment. Will this long-pending deal finally get to the closing table or not? Stay tuned.