NEW YORK (AP) -- Shares of Clear Channel Communications Inc. are surging on media reports that a revised deal has been reached to finance the radio and media company's buyout by Thomas H. Lee Partners and Bain Capital.The Wall Street Journal reported that a deal has been reached to finance the Clear Channel (CCU, Fortune 500) deal at $36 per share, down from a previous price of $39.20 per share.
Clear Channel and the buyout firms have accused six banks of failing to honor their commitments to finance the acquisition, which was first announced in November 2006. In March, the company and the equity firms filed lawsuits in Texas and New York to force the banks to fund the agreement.
Clear Channel shares jumped $2.82, or 9.4%, to $32.82 in afternoon trading. The stock had fallen from a 52-week high of $38.58 last June to a low of $25.90 in March as investors' hopes dimmed about the chances of a deal.
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