EmptyClear Channel talk continues
Talk about a possible buyout that would take radio giant Clear Channel Communications private continued Wednesday as the company said its board is reviewing "strategic alternatives" to enhance shareholder value. It said it has hired Goldman Sachs to help with the effort but declined further comment. Merrill Lynch analyst Laraine Mancini said a 10% stock increase since early September "suggests that investors have already begun to price in the possibility." CNBC reported Tuesday that the controlling Mays family might be warming to the idea and has talked about a buyout with private-equity groups.
Mixed frame for Meredith
Media firm Meredith Corp. on Wednesday reported a 15% increase in its fiscal first-quarter profit thanks to stronger political TV advertising, but revenue fell short of expectations. Quarterly profit of $30.5 million compared with $26.4 million a year ago. Revenue rose 1.4% to $395.7 million.