Clear Channel Deal Collapsing and Justice Dept. Approves XM-Sirius Merger

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City of Industry, CA --(www.USEquityNews.com)-- 03/26/2008 - Media entertainment industry alert provided by U.S. Equity News. Shares of Clear Channel Communications Inc. plummeted in late trading recently, 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 per 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.


Modavox, Inc. (OTCBB: MDVX), Internet broadcasting pioneer and holder of several patented technologies, announced recently that Ray Ellis has been named Network Director of VoiceAmerica(TM) Sports Network. Ellis assumed the role beginning March 24th and will be focusing on expanding the business opportunities, content production, and advertising sales within the VoiceAmerica(TM) Sports Network. Mr. Ellis also brings a wealth of contacts and entrepreneurial spirit that has already contributed new prospects and opportunities to Modavox.

The Justice Department approved Sirius Satellite Radio Inc.'s proposed $5 billion buyout of rival XM Satellite Radio Holdings Inc., saying the deal was unlikely to hurt competition or consumers. The transaction was approved without conditions, despite opposition from consumer groups and an intense lobbying campaign by the land-based radio industry. The combination still requires approval from the Federal Communications Commission, which prohibited a merger when it first granted satellite radio operating licenses in 1997.

EPIC Corporation (OTC: EPIO), a multi-media communications and broadcasting company, announced recently that it has entered into a three year exclusive international TV distribution rights agreement with U.S. Pro Golf Tour Presented by SportsQuest ("USPGT"), a wholly owned subsidiary of Greens Worldwide Incorporated. Under the terms of the agreement EPIC and the USPGT will cooperate with each other to produce, market and distribute USPGT programming of its Tour events to all international markets outside of the United States territories beginning in 2009 and continuing through 2011. This agreement allows for the distribution of up to ten USPGT events per year throughout the length of the agreement.

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