Clear Channel says buyout may not close

Radio broadcaster Clear Channel Communications Inc said on Friday its pending acquisition by several private equity firms may not close, even though the firms are ready to consummate the deal.

In a filing with the Securities and Exchange Commission, Clear Channel said it has agreed with Thomas H. Lee Partners LP and Bain Capital Partners LLC that all closing conditions had been satisfied.

But the private equity firms said they couldn't close the deal on time -- originally expected by March 31 -- due to the failure of banks to provide the required financing.

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- Posted: 2008-03-28 09:11:36

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