Monday, May 12, 2008

Clear Channel Execs: Merger Deal May Be Dead

By Chris Thompson
Mon, May 12, 2008 at 7:27 AM

Even as Clear Channel released some pretty decent profit numbers for the first quarter, company officials ackowledged that their long-awaited merger may not happen, reports the East Bay Business Times. The national radio chain reported net income of almost $800 million, up from $102 million during the same period last year. But that figure is mostly due to the sale of its television properties, and Clear Channel's would-be lenders still refuse to extend the company the credit it needs to merge with an investment group led by Bain Capital. No word yet on how this might affect the future of the eight Bay Area radio stations owned by Clear Channel.

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