Posted on 03/25/2008 8:46:59 PM PDT by Santa Fe_Conservative
SAN ANTONIO - Shares of Clear Channel Communications Inc. plummeted in late trading Tuesday, following a report that the media company's private buyout is on the brink of collapse.
Shares fell $1.89, or 5.5 percent, to end regular trading at $32.56, then fell 21 percent in after-hours trading to $25.82 — far below the $39.20 per share the buyout firms promised shareholders.
The Wall Street Journal reported on its Web site Tuesday that the private equity firms leading the $19.5 billion buyout were having difficulty reaching terms with the banks committed to financing the deal. The report cited unnamed people familiar with the matter.
A person familiar with the situation, who declined to be named because the person isn't authorized to speak publicly about it, told The Associated Press that the equity partners, led by Thomas H. Lee and Bain Capital Partners LLC, are prepared to fulfill their obligation to fund and close the deal.
(Excerpt) Read more at news.yahoo.com ...
Rush should buy it. He probably tips that much every day.
Leni
Gov. Romney left Bain in 2001.
This deal is struggling primarily because the banks aren’t willing to part with their cash right now. The mulitples are actually pretty decent.
From what I’ve heard, radio is having problem$ these days. Hope it gets sorted out soon.
Ditto....and while he’s at it buy some stock in the new Sirrus XM deal....I’d like to listen to him on Satillite when I’m driving throughout the USA without channel surfing or getting poor or no reception in some small as well as large major liberal cities.
Come on Rush, beam us up to Operation Chaos.
WE ARE BEGGING YOU BABYCAKES!
Sorry to hear their stock price is going down, but I’m not a fan of clear channel. Payola still stinks.
Interesting! Do you think was him?
No, I think it was a master of HTML named ‘Sunken Civ’.
LOL that’s the funniest thing I’ve ever seen!
Companies like Clear Channel ruined terrestrial radio with bland playlists and endless commercials.
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