Clear Channel, the nation's largest radio group owner, has confirmed speculation the company could be in play.
In response to stories it could be entertaining buyout offers, it issued the following statement Wednesday night, saying its board "is evaluating various strategic alternatives to enhance shareholder value," and that it has retained Goldman Sachs "as its financial advisor in connection with its evaluations."
Clear Channel indicated that it may or may not selling anything, saying "there could be no assurance that this process will result in any specific transaction."
Clear Channel owns approximately 1,200 radio stations, or about 9% of the stations in the country. It also has international radio holdings, owns or operates 40 TV stations, and has a massive outdoor advertising operation.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below
Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.