Credit Crunch Puts Clear Channel Buyout In Limbo

noah | March 25, 2008 6:20 am
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“The $19 billion privatization of Clear Channel Communications Inc. was near collapse as the private equity firms behind the deal and the banks financing it failed to resolve their differences over the terms of the credit agreement, people familiar with the matter said. … ‘The sponsors do not want to do this deal,’ said one person involved, referring to the private equity firms. ‘No one wants to do this deal except for the seller.’ ” Anyone else think that this little piece of news is going to result in a worldwide outbreak of schadenfreude? [WSJ]