The $19.5bn leveraged buy-out of Clear Channel Communications, the US radio and outdoor advertising group, could be the next victim of the storm in the deal world.

Scepticism that Thomas H Lee and Bain Capital will go through with their purchase on the original terms has been fed by the falling share prices of comparable companies. Clear Channel's stock traded yesterday at $35.06, a discount to the $39.20 price the buyers agreed in May 2007, which suggests investors are betting against the deal.