Clear Channel Considering 'Strategic Alternatives'
October 25, 2006 at 3:32 PM (PT)
A day after CNBC reported that CLEAR CHANNEL was considering a leveraged buyout to take the company private (NET NEWS 10/24), the company today confirmed that its board of directors is "evaluating various strategic alternatives to enhance shareholder value" and that the board has retained GOLDMAN, SACHS & CO. as its financial advisor.
The company further stated that there "could be no assurance that this process will result in any specific transaction. The company does not intend to comment further publicly with respect to the exploration of strategic alternatives unless a specific transaction is approved by its board."
Meanwhile, CLEAR CHANNEL COMMUNICATIONS and CLEAR CHANNEL OUTDOOR HOLDINGS today revised the timing of both companies’ release of third-quarter 2006 financial results and will now release Q3 results before the market opens on MONDAY (10/30) at approximately 7a (ET); a teleconference is set for 9a (ET) that morning.