Summary:

Update: Clear Channel (NYSE: CCU) has responded to the report, saying settlement talks have been initiated, but that no agreement has yet be…

Update: Clear Channel (NYSE: CCU) has responded to the report, saying settlement talks have been initiated, but that no agreement has yet been reached. The announcement doesn’t specify any price, and offers no guarantee that it will happen. Consequently, shares have pulled back from the highs of the day. Release.

Original post: A settlement to the Clear Channel mess that will see the banks fund the deal at $36 per share is near at hand, reports WSJ. The final price is lower than the original deal terms, which valued the company at $39.20 per share, but longsuffering Clear Channel shareholders like the news, sending the stock up more than 11 percent to over $33 per share . The market sensed something was in the works on reports this morning that the judge had delayed the trial date by one day, with no reason given. At this price, the banks are still likely to take a haircut, though their losses will be mitigated somewhat by the lower price. Clear Channel shareholders, not to mention the buyers, are glad to have the deal done with, assuming the report is accurate.

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