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Yet again, there are rumors surrounding the proposed $20 billion buyout deal for Clear Channel Communications Inc (NYSE: CCU). Even with the recent moves from the Fed, the credit crunch seems to be in full force. As a result, bankers are not holding back on negotiations.So, on CNBC today, Scott M. Sperling gave an interview. He's the co-president of Thomas H. Lee Partners, which is one of the private equity sponsors of the Clear Channel transaction (the other partner is Bain Capital).
His take on the deal? Well, as should be no surprise, he had no comment on the status.
However, he is certainly nervous about the financial system. He talked about the problems with the default swap market and even commercial real estate.
Interestingly enough, he thinks the recession could last from 12 to 24 months. Although, he believes there will ultimately be some good deals for private equity operators.
Unfortunately, in today's trading, Clear Channel's stock was down nearly 9% to $32.60.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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