Reuters - Clear Channel talks in trouble: source

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Clear Channel talks in trouble: source

Tuesday, Mar 25, 2008 8:56PM UTC

NEW YORK (Reuters) - Talks over the $20 billion leveraged buyout of U.S. radio operator Clear Channel Communications Inc. <CCU.N> are in trouble, with the banks financing the deal unwilling to take a mark-to-market loss, a source familiar with the situation said on Tuesday.

But the final resolution is unclear, with the buyers still wanting to do a deal, the source said.

Clear Channel last year struck a deal to be bought by private equity firms Thomas H. Lee Partners and Bain Capital Partners LLC for $39.20 a share. The stock has traded significantly lower than that in recent months on fears the deal could also be in jeopardy.

(Reporting by Megan Davies; Editing by Gary Hill)