NEW YORK Private equity firm Providence Equity Partners said yesterday that a lawsuit brought by radio operator Clear Channel Communications Inc., to force it to complete a $1.2 billion deal was baseless.
Clear Channel filed a lawsuit Feb. 15 in Delaware to force Providence to complete the deal to buy the radio operator s 56 television stations.
This is not related to the $20 billion leveraged buyout of Clear Channel.
Clear Channel is being bought by the private equity firms Thomas H. Lee Partners and Bain Capital Partners LLC. It has previously said that the buyout is not conditional on the TV sale. Last week the buyout received anti-trust approval.