More CCU Troubles

Providence Equity Partners has hit another snag in its attempt to buy a suite of 56 TV stations from Clear Channel Communications. After Providence Equity successfully negotiated the initial $1.2 billion price tag down by a reported $100 million last week, one of the deal's debt providers, Wachovia, is still balking, according to The New York Times. Wachovia sued Providence Equity on Friday, arguing that the new agreement voids the bank's responsibility to commit to the deal.