Providence looking at exit from TV buy

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In an SEC filing Friday, Clear Channel confirmed that Providence Equity Partners has informed it that the private equity firm is "considering its options" under its pending contract to buy Clear Channel Television for 1.2 billion. "The Agreement is in full force and effect and has not been terminated," noted Clear Channel, adding that there has been no allegation by Providence that CCU has breached any terms of the agreement. So, if Providence wants out, it will have to pay the piper. As we noted Friday, walking away could cost the private equity firm 45 million bucks (11/9/07 TVBR #220).


TVBR/RBR observation: Will Randy Michael’s Local TV make another run at the TV group, after being outbid by Providence the first time around? And how soon will Clear Channel start announcing new buyers for the 187 stations that American Security Capital Partners won’t be buying for 452 million? We’re still waiting to see what price was paid to terminate that deal. The dueling lawsuits appear to still be pending.


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