Little Clarity on Clear Channel’s Future
It’s been a trying time for managers at Clear Channel Communications (CCU) (CCU), the nation’s largest radio broadcaster. A nearly-three year, $4.3 billion share buyback has failed to goose the stock price, and a major experiment to sell shorter advertising blocs - dubbed “less is more” - remains a work in progress with no clear sign of success. Meanwhile, millions of Americans fiddle with hot-selling iPods and new satellite radio gadgets, as traditional broadcasters grumble that the Street has little clue how to value their shares.
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