Oct. 25 (Bloomberg) -- Clear Channel Communications Inc., the largest U.S. radio broadcaster, is considering a possible sale of the company and hired Goldman, Sachs & Co. as an adviser. The shares jumped 9.7 percent.
The board is evaluating alternatives to increase the share price and can't assure that a transaction will occur, San Antonio-based Clear Channel said today in a statement.
The hiring of Goldman Sachs brings the Mays family, which controls Clear Channel, closer to a possible leveraged buyout. Chief Executive Officer Mark Mays has spun off the company's live entertainment unit, Live Nation Inc., and sold shares of its outdoor advertising unit, Clear Channel Outdoor Holdings Inc., in an IPO. The stock has been hurt by slow growth in the radio industry.
Clear Channel spokeswoman Lisa Dollinger declined to comment beyond the release. The company said in its statement that it won't comment any more about the matter unless a specific transaction is approved by the board.
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Too bad for the poor sucker that buys this dog. A perfect business example of "playing for the future", or 2008, so to speak. If CC goes through with this, it's the best story of the next 5 years. Unless someone goes apeshit and drops "the" bomb
Demonstrations are a drag. Besides, we're much too high