Déjà Vu for Clear Channel shareholders.  Ten months ago, they gathered in San Antonio to approve a $39.20 a share deal. Today, they’re back voting on a shaved price of $36 a share. The deal has seen enough drama over the past couple of years to rival an HBO series, with upset shareholders, wrangling between bankers and buyers and a showdown in court.  

The deal faces the same tough hurdle as the first time round. Under Texas law it needs two thirds support to win — and “no” votes count as against the deal. Clear Channel Chief Executive Mark Mays told Reuters in May that he didn’t have concerns about the vote because the deal had support from major shareholders such as Highfields, which agreed to keep up to $400 million equity in the company.

“Considering our stock was at $29 two days ago, it’s a fair deal from all aspects,” Mays said at the time.  The deal was also backstopped by funds being put into escrow until it closes, giving it a higher level of certainty that this time, it’ll close.  

Even after today, it isn’t exactly a green light all the way – the debt supporting the $17.9 billion deal has to be sold out and that’s no small feat in a clogged up credit market.

That’s leaving aside the bigger issue which is the future of a leveraged-up radio company in an economic downturn.