Clear Channel Communications Inc completed the sale of its television group to Newport Television LLC for $1.1 billion, the U.S. radio operator said on Friday.
The deal ends months of uncertainty about the sale which was first announced in April of 2007.
Clear Channel had agreed to sell 56 television stations to Newport parent company Providence Equity Partners but the transaction was renegotiated by $200 million less than the original offer.
Several lawsuits have put the deal in doubt. On February 15 of this year, Clear Channel sued Providence in an attempt to force it to complete the deal.
In another twist Wachovia, the bank financing the deal, sued Newport on February 22 to get out of its commitment. Providence filed a suit against the bank in response.
However the parties have agreed to the deal and all litigation has been withdrawn, a spokeswoman for the bank told Reuters.