$19B Buyout of Clear Channel Nearly Dead

(NEWSER) - After months of stops and starts, Clear Channel's board today gave the green light to a $19.5 billion buyout offer. The communications giant bit after Thomas H. Lee Partners and Bain Capital, which have been bidding since November, gained the backing of two large shareholders. The successful offer was $39.20 per share, 20 cents more than a previously rejected bid. More»

Equity firms claim lenders backtracked on financing takeover of broadcast giant

(NEWSER) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by attempting to back out of the deal amid the tanking credit market. More»

Credit worries and a slumping stock price have Wall Street worried the deal is done

(NEWSER) - Optimism on Wall Street about Clear Channel's $19 billion equity buyout is fading and its share price is spiraling lower as the deal, more than a year in the making, appears to be unraveling—done in by regulatory issues, credit worries, and deteriorating industry conditions, the Wall Street Journal reports. More»

As defaults soar, banks stuck with weird collateral

(NEWSER) - With loan defaults soaring, Russia’s banks have had to seize a lot of collateral lately—and we’re not talking about houses. By year’s end, 20% of Russian loans could be non-performing, by Moody’s estimate. In order to recoup those losses, the banks have accepted controlling stakes in a lingerie retailer and a food store—and in one case, 40,450 pigs, Bloomberg reports. More»

It works in tandem with pay czar's new compensation rules

(NEWSER) - The Federal Reserve today officially announced a plan to regulate pay structures at banks, the same day the pay czar rolled out his plan to cap salaries at bailed-out firms. The administration’s double-whammy on compensation marks an unprecedented level of government involvement in the private sector, and the policies that result may be the most enduring legacy of the financial crisis, notes the Wall Street Journal. More»