Clear Channel Buyout Going Bust?

Ruh roh. Looks like Clear Channel’s $19 billion buyout may be going belly up. Two years ago, the massive national radio chain announced that it was ready to be snatched up by a pair of private equity firms. The company operates seven radio stations in the Bay Area, and observers speculated that the prospective new owners were likely to sell at least of few of these assets off. (Which, needless to say, was welcome news to critics who have long complained about the consolidation of broadcast media.) But now, The Wall Street Journal reports, the deal could die off, because Clear Channel’s shareholders and the private equity firms have not been able to agree on a price. Wait: private equity firms still have equity?

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