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Judge: Banks must fund Clear Channel buyout

Tracy Donhardt
March 27, 2008
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A Texas judge has sided with Clear Channel Communications Inc. in ordering several banks to fund the proposed $19 billion buyout of the San Antonio media company.

In Indianapolis, Clear Channel owns rock powerhouse WFBQ-FM 94.7, alternative rock station WRZX-FM 103.3 and WNDE-AM 1260, which broadcasts a sports format.

Clear Channel announced the ruling this morning.

The Federal Communications Commission approved the buyout by private equity firms T.H. Lee Partners LP and Bain Capital Partners LLC in January. But after credit markets declined, lenders including Citigroup, Morgan Stanley and Credit Suisse said they no longer would finance the deal.

Clear Channel argued in the suit that it would be irreparably harmed if the banks didn't follow through on their agreement.

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