Clear Channel Plans Buyback

The repurchase covers $1 billion of stock.
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Clear Channel Communications'

(CCU) - Get Report

board of directors has authorized a $1 billion share buyback.

The company, which will be allowed to repurchase the shares within the next 12 months, has already bought back $582 million of its stock under a recent $600 million repurchase program. Clear Channel announced its plans to return a total of $1.6 billion to shareholders last year.

"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," said CEO Mark Mays in a prepared statement.

Clear Channel says it will time its repurchases on the basis of its stock price, debt levels and general stock market conditions. The repurchase program can be suspended or discontinued at any time.

Shares closed 12 cents lower at $29.15 Wednesday.