Clear Channel stock plunges after report
Shares of Clear Channel Communications Inc. plummeted in late trading Tuesday, following a report that the media company’s private buyout is on the brink of collapse.
Shares fell $1.89, or 5.5 percent, to end regular trading at $32.56, then fell more than 21 percent in after-hours trading to $25.60 – far below the $39.20 a share the buyout firms promised shareholders.
The Wall Street Journal reported on its Web site Tuesday that the private equity firms leading the $19.5 billion buyout were having difficulty reaching terms with the banks committed to financing the deal.
The deal, which has been plagued by delays since it was announced in November 2006, was scheduled to close next Monday.
Clear Channel is the largest radio station operator in the United States and a billboard giant, with roughly 1 million signs worldwide.
“A federal judge has signed off on Walgreen Co.‘s plan to pay $24 million to settle a federal lawsuit alleging racial bias at the nation’s largest drugstore chain.
Roughly 10,000 past and present black Walgreen workers will split $20 million under the consent decree given final approval Monday by U.S. District Judge G. Patrick Murphy.
Attorneys involved in the case will share about $4.5 million in fees separate from the settlement amount.
The U.S. Equal Employment Opportunity Commission filed the lawsuit in March of last year, accusing the Deerfield, Ill.-based retailer of discriminating against thousands of black workers in hiring and assignment decisions.
The decree also requires Walgreen to hire outside consultants to review and make recommendations about their employment practices. Walgreen still says it did nothing wrong.
“The American Civil Liberties Union of Connecticut called Tuesday for H&R Block to modify its tax preparation system to allow gay couples in civil unions to file their state taxes online.
The ACLU is representing a Hartford couple who tried to file their Connecticut taxes using the company’s online system in January, only to be told that the tax preparer’s system couldn’t accommodate civil unions.
A message said H&R Block’s computer program doesn’t “support Connecticut civil unions” and advised the couple to visit an H&R Block office or contact a professional by phone. But ACLU said that is discriminatory because it would be more time-consuming and cost the couple about $155 more to file their taxes.
Messages were left seeking comment with a representative for Kansas City-based H&R Block Inc.