After being slammed for its heavy-handed practices promoting concerts, Clear Channel Communications Inc. said it will spin off its entertainment division.
The company also plans to sell a 10% slice of its outdoor division to the public.
Clear Channel has been accused of violating antitrust laws by trying to dominate the market for promoting concerts and other arena events and sometimes linking its entertainment division too closely to its radio stations.
Despite the importance of radio stations in promoting those events, the entertainment division has not succeded, with the divison’s revenue dropping 17% during the first quarter.
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