America's Largest Radio Company Mulls Auction

27 October 2006

SAN ANTONIO, Texas: Clear Channel Communications, America's largest operator of radio stations, has revealed it is "evaluating various strategic alternatives to enhance shareholder value" - corporate speak for putting itself up for grabs.

According to CCC insiders, two separate groups - probably private equity firms - have already expressed interest. The company owns a massive 1,150 radio stations across the US and also operates 155,000 'out-of-home' advertising displays.

Founded in 1972 by its current chairman L Lowry Mays , the company is publicly listed on the New York stock exchange but controlled by the founder's publicity-shy family

CCC has hired Goldman Sachs to help it explore its options but cautions that "there could be no assurance that this process will result in any specific transaction."

Data sourced from Wall Street Journal Online; additional content by WARC staff