Clear Channel Communications Inc. has sold its television group to Providence Equity Partners Inc. for a reduced $1.1 billion, settling a dispute between the companies.
The price is subject to closing adjustments, San Antonio-based Clear Channel said Friday in a statement. The two sides had been in talks to reach a settlement.
Clear Channel, the largest U.S. radio broadcaster, is itself going private in a $19.5 billion buyout that was complicated by the Providence dispute. Clear Channel owns seven radio stations in Utah: FM stations KODJ (94.1), KZHT (97.1), KJMY (99.5), KXRV (105.7) and KOSY (106.7), and AM stations KNRS (570) and KALL (700).
The broadcaster filed suit last month to enforce an earlier $1.23 billion TV sale agreement, accusing Providence of trying to renegotiate because of "buyer's remorse." Providence, in turn, sued its lender Wachovia Corp. to force the bank to help finance the purchase.