Providence 'disappointed' by Clear Channel's suit - East Valley Tribune: Business

Providence 'disappointed' by Clear Channel's suit

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Posted: Sunday, February 17, 2008 10:21 pm | Updated: 12:08 am, Sat Oct 8, 2011.

NEW YORK - Providence Equity Partners said Sunday it was "surprised and disappointed" by a lawsuit filed Friday by Clear Channel Communications Inc. to force the private-equity firm to complete its purchase of Clear Channel television stations.

Clear Channel said in the lawsuit that Providence has dragged its feet in the $1.2 billion deal for the TV stations, a deal Providence has sought since October to renegotiate.

A spokesman for Providence said Sunday the firm has been conducting negotiations amicably to "work out a mutually acceptable arrangement in difficult market conditions." The deal for 56 TV stations may not be over, as the two sides may be negotiating through the courts.

But Clear Channel believes it can sue to compel Providence to complete the deal.

The deal is separate from the $19.5 billion sale of Clear Channel to Thomas H. Lee Partners and Bain Capital.

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