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MUMBAI:
US based radio operator Clear Channel Communications has closed
the sale of its television stations to Newport Television
LLC, a company set up by Providence Equity Partners for $1.1
billion.
As
per the deal, 56 TV stations of Clear Channel Communications
have been sold out at about $1.1 billion.
Clear
Channel Chief Executive Mark Mays said that the separate $19.5
billion sale of Clear Channel to a private-equity group remains
on track to close by the end of the first quarter.
The
closure of the TV deal comes after a month of litigation between
Clear Channel, Providence and Wachovia, which is the main
bank backing the transaction. Clear Channel had sued Providence,
saying the private-equity firm was dragging its feet. Providence,
in turn, blamed Wachovia for balking on its commitment to
provide financing for the deal, and the bank also filed a
suit.
"We
are pleased that all parties were able to negotiate and agree
upon the terms of a new transaction, and that the transaction
has closed successfully," Wachovia said in a statement.
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