Deal Reached For Clear Channel Sale At $36 Per Share: Reports

This story was written by Joseph Weisenthal.
It looks like a deal has been reached in the Clear Channel (NYSE: CCU) case. The company said yesterday that there were indeed settlement talks between the buyers and the funding banks, but that there had been no agreement. Now CNBC and Reuters say they've agreed to a deal at the previously reported price of $36 per share. It's not as much as the $39.20 per share that the deal originally called for, but given the uncertainty surround the deal, as well as Clear Channel's shaky prospects, few shareholders will likely complain about the lowered price. The type of deal that was originally put together could never be replicated in this market. On the news, Clear Channel shares are up over 4.3 percent to $34.20 More to come

By Joseph Weisenthal

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