Saturday, August 25, 2007

Clear Channel hits more snags sellings stations

Meena ThiruvengadamExpress-News Business Writer
The nation's largest radio broadcaster is having trouble unloading some of the nearly 400 stations it has made deals to sell. Less than month after terminating an agreement to sell 46 stations to a Chicago buyer, Clear Channel Communications Inc. is in Bexar County District Court suing another would-be buyer.
The San Antonio-based broadcaster claims Frequency LLC, which in April struck a $452 million deal to buy 187 Clear Channel stations, is in breach of its contract. Clear Channel also is suing Frequency consultant Jeffrey D. Warshaw for attempting to renegotiate the deal price.