Clear Channel To Buy Back $1B In Stock
September 6, 2006 at 9:05 AM (PT)
CLEAR CHANNEL COMMUNICATIONS' Board of Directors has authorized an additional share buyback plan to buy $1 billion more of its common stock over the next 12 months. The move is in addition to the mostly completed previous $600 million buyback ($582 million repurchased to date).
CEO MARK MAYS said in a press release that "we have now substantially completed our plan of returning approximately $1.6 billion to our shareholders that was announced last year. Today's announcement is a reflection of our Board's confidence in the Company's financial strength and our overall commitment to our shareholders. We continue to believe that the purchase of our common stock at the current stock price represents an attractive opportunity to benefit the long-term interests of the Company and its shareholders."