Providence Equity Partners is set to close a TV station sale with Clear Channel Communications Monday, but one of the deal's lenders has threatened to back out, the Wall Street Journal reported.
Wachovia Bank on Friday filed in a North Carolina court for a declaratory judgment releasing it from its financial obligations regarding the deal, according to the story.
San Antonio-based Clear Channel and the Rhode Island equity firm announced the pending $1.2 billion sale in April 2007. The deal includes WKRC-TV, Clear Channel's only local TV station holding.
http://www.bizjournals.com/cincinnati/stories/2008/02/25/daily2.html
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