Clear Channel: We Have a Deal

Update: Clear Channel issued a press release at 11:11pm, confirming the agreement.

Our long Clear Channel nightmare may finally be over. My colleague Megan Davies is reporting that the company’s prospective financial sponsors and lenders have reached an agreement in principle to take the company private for $36 per share.

None of this is set in stone — “fluid” is the word I keep hearing — but an announcement could hit sometime between now and the start of American Idol. If it does, expect talk about how the revised agreement won’t result in a private Clear Channel until sometime this summer. Not only would there have to be a new shareholder vote, but there would also be a new stub equity process.

In addition, buyout firms Bain Capital and THL Capital would have to re-pitch the deal to any of their limited partners who are co-investing. Not a hard sell at $36 per share instead of $39.20, but it still takes time.