Clear Channel TV sale still in doubt


FCC approval is in place and Newport Television, a company backed by the Providence Equity Partners private equity firm has even filed with the FCC to put into trust the stations it can’t own outright, pending their sale. But even so, Clear Channel Communications says its 1.225 billion sale of its 35-station Clear Channel Television group is not certain to go to closing. “A representative of Providence has informed us that the buyer is considering its options under the definitive agreement, including not closing the acquisition on the terms and conditions in the definitive agreement. The definitive agreement is in full force and effect, has not been terminated and contains customary closing conditions. There have been no allegations that we have breached any of the terms or conditions of the definitive agreement or that there is a failure of a condition to closing the acquisition,” Clear Channel said yesterday as it reported its Q4 financial results. Whether or not the TV sale closes will not affect the buyout of the whole company by two other private equity companies. That transaction is on track to close next month.