SAN FRANCISCO -- Clear Channel Communications (CCU) - Get Compania Cervecerias Unidas S.A. Sponsored ADR Report, the nation's biggest radio operator, is considering launching a stock buyback program because management believes the stock is undervalued.

Lowry Mays, Clear Channel's chief executive, told investors Thursday at the

Banc of America Securities Investment Conference

here that the company "has so much cash on hand" that it will likely discuss a share buyback at next month's board meeting.

The San Antonio-based company, which has enjoyed 70% revenue growth in recent years and anticipates 78% revenue growth for 2000, has been on a spending spree lately. On Aug. 30 Clear Channel completed its much anticipated $24 billion deal to acquire fellow radio giant

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. The company now owns 1,300 radio stations and 750,000 billboards worldwide. Clear Channel also just completed the $3.5 billion purchase of live entertainment company

SFX Entertainment

, which has dominate positions in promoting live musical acts, Broadway shows and sports representation. Mays emphasized that cross-promotional opportunities abound.

The company's traditionally strong stock is trading at about $58.25 a share, well off its 52-week high of $95.50, amid

recent concern over slowing ad sales, particularly from Internet companies.