Clear Channel Communications Board Authorizes Additional Repurchase Plan
San Antonio, Texas – September 6, 2006 - Clear Channel Communications, Inc. (NYSE: CCU) announced today that its Board of Directors authorized an additional share repurchase program, permitting the Company to repurchase an incremental $1 billion of its common stock over the next 12 months. The Company’s previously authorized repurchase program of $600 million has been substantially completed with approximately $582 million purchased to date under the plan.
Mark Mays, Chief Executive Officer, stated “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.”
Clear Channel will base its decisions on amounts of repurchases and their timing on such factors as the stock price, the Company’s debt levels and general economic and market conditions. The repurchase program may be suspended or discontinued at any time. Shares of stock repurchased under the plan will be held as treasury shares.
About Clear Channel Communications
Clear Channel Communications, Inc. (NYSE:CCU) is a global media and entertainment company specializing in “gone from home” entertainment and information services for local communities and premiere opportunities for advertisers. Based in San Antonio, Texas, the company’s businesses include radio, television and outdoor displays. More information is available at www.clearchannel.com.
Certain statements in this release could constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Other key risks are described in the Clear Channel Communications’ reports filed with the U.S. Securities and Exchange Commission. Except as otherwise stated in this news announcement, Clear Channel Communications does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
- Contact Information
- Lisa Dollinger
- Chief Communications Officer
- Clear Channel Communications, Inc.
- Contact via E-mail
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