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Clear Channel/Newport Deal on the Rocks?

A trusted source tells us there’s some serious trouble with the mega-station deal between Clear Channel and Newport TV, and all parties involved can forget about happy hour today–there’s an urgent meeting at 5 p.m. 

Newport parent Providence Equity might pay a substantial kill fee to get out of the 56-station deal. 

Newport boss Sandy DiPasquale is recovering from recent bypass surgery. His son Michael, who’s the Newport V.P. of operations, could not be reached for comment.

The Wall Street Journal says the sticky wicket is apparently Providence’s long-term view of the stations’ health. Matthew Karnitschnig and Dana Cimulluca have some detail here.