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NEW YORK Clear Channel Communications probably will get sold into private equity, but for a price tag 8 percent lower than it agreed to a year ago.
Private equity firms Thomas H. Lee Partners and Bain Capital have settled their legal differences with the six banks financing the deal. That frees them up to pay $36 a share for Clear Channel, down from the $39.20 agreed to in May 2007.
The banks were being accused of trying to back out of the deal in the wake of a credit crunch, prompting THL and Bain to sue.
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