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Clear Channel Invests In Itself

(CelebrityAccess MediaWire) –- Clear Channel Communications has reported that it has repurchased $1 billion worth of its stock earlier this week. The company’s board authorized this move, less than one year since it bought back an additional $1 billion of stock.

Despite increasingly-common mergers throughout big companies in the industry, the San Antonio-based company has not participated in any major deals in recent years. It grew to become the largest radio station company through acquisitions in the past.

In a news release, Clear Channel CEO Mark Mays said, “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.” –-by CelebrityAccess Staff Writers