Bids to potentially take Clear Channel Communications private are reported
to be due either today or Monday, according to Reuters sources. The
Financial Times and The Wall Street Journal have reported that the final
bids could potentially lead to a deal being announced as soon as next week.
Last month, amid speculation, Clear Channel announced it was “considering
strategic alternatives to enhance shareholder value” and also retained
Goldman, Sachs & Co. as its financial advisor for any such talks. In other
Clear Channel news, the company has received a subpoena from the U.S.
Attorney in New York about stations running ads for offshore and online
gambling. CC revealed it had received the inquisition in a regulatory filing
yesterday. The company received a similar subpoena in 2003 in Missouri,
asking for details on ads ran for sports bookmakers and other gambling
businesses. A CC spokeswoman told Bloomberg the company “is cooperating with
the subpoena.”