Clear Channel Evaluating Options to Boost Value

Oct 26, 2006  •  Post A Comment

Clear Channel Communications has confirmed its board of directors “is evaluating various strategic alternatives to enhance shareholder value.”

In a short statement posted Wednesday, the sprawling multimedia company said it has hired Goldman Sachs to help consider options, which some published reports say include being purchased so Clear Channel can go private. The New York Times reported Thursday that Clear Channel is in negotiations to be taken over for more than $18.5 billion by a group including Providence Equity Partners, the Blackstone Group and Kohlberg Kravis Roberts & Co.

A Clear Channel communications executive directed a call from TelevisionWeek to a public relations firm, which declined to clarify the possibilities or the published reports, which dwelt on radio and don’t mention television. In addition to its 1,200-plus radio stations, Clear Channel owns or operates 40 TV stations in the country and is the world’s largest outdoor advertising company with more than 881,000 displays in more than 60 countries on six continents.