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Clear Channel Splitting Up

Clear Channel lit a fire under its long-stagnant stock Friday, setting a plan to spin off one unit, sell shares in another and return cash to shareholders through dividends. The San Antonio, Texas, radio broadcaster said it would sell 10% of its Clear Channel Outdoor unit in an IPO and spin off its entire Clear Channel Entertainment unit to shareholders. The company also plans to pay a $3 special dividend and boost its regular quarterly payout by 50%.

Read the whole story at, April 29, 2005 »

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