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. They own and operate more than 1200 radio stations in the United States, stage live shows at thousands of venues in dozens of countries, own more than 30 television stations in the United States, among other media outlets in other countries, billboards, and self cleaning public restrooms. (no I'm not kidding)
For those of you in Pittsburgh we are talking WDVE, 3WS, 104.7, The X and Fox Sports 970.
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.
Stay tuned!
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