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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]
Credit Crunch Puts Clear Channel Buyout In Limbo
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I guess this means Live Nation isn’t going to reopen the Hollywood Palladium any time soon…
Anyone else think that this little piece of news is going to result in a worldwide outbreak of schadenfreude?
Yes, I’ll start.
Woo hoo! Fuck you Clear Channel. Glad to hear that things are going bad for you. Maybe if you stopped hurting America, karma would be a little kinder to your sorry ass. Ha ha.
/that felt nice.
Next up:
1. Listeners abandon listening, as they no longer need to commute because their jobs vaporized.
2. Advertisers tear up the rate cards.
3. Clear Channel sold to surprise new bidder — Church of Scientology.