Clear Channel Deal Prompts Suit Against Wachovia

Law360 (February 29, 2008, 12:00 AM EST) -- A Providence Equity Partners Inc. affiliate has sued Wachovia Bank NA in an attempt to force the bank to follow through on an earlier pledge to help finance the private equity firm's $1.1 billion purchase of 56 television stations from Clear Channel Communications Inc.

Newport Television LLC, which was created to execute the acquisition, asked a Delaware state court Thursday to force specific performance of Wachovia's May 2007 commitment letter.

At that time, Wachovia said it would serve as lead underwriter for the transaction and provide...
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