Clear Channel Sues Over Deal

A suit by the radio giant and its partners aims to keep a group of banks from backing out on the deal to help it go private

Say what you will about how well the Mays brothers have managed Clear Channel Communications (CCU), what is indisputable—ever since the mid-1990s when they began an extraordinary streak rolling up radio stations—is that the two executives know how to close a deal. So it may be premature, as news reports on Mar. 26 suggested, that Clear Channel's $19.4 billion deal to take itself private is headed south, 16 months after it was announced.

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