Clear Channel Sale Now Fully Funded; Likely To Close In Q3
This story was written by Joseph Weisenthal.
A deal was agreed to about two weeks ago, and now they've dotted crossed the i's: Clear Channel (NYSE: CCU) says its sale to two PE firms is ready to go, with $17.9 billion sitting in an escrow account held by the Bank of New York. Now it's just a matter of getting shareholder approval, which shouldn't be a problem, even though though shareholders will be getting $36 per share, down from the original $38, per the agreement. The transaction is expected to close in Q3. Release.
By Joseph Weisenthal