Clear Channel Communications (CCU) - Get Report confirmed late Wednesday that its board is evaluating "various strategic alternatives" to enhance shareholder value.

The board has retained Goldman Sachs as its financial adviserr in connection with its evaluations, Clear Channel said in a Wednesday press release.

Clear Channel said there could be no assurance that this process will result in any specific transaction, and it doesn't intend to comment further publicly with respect to the exploring options unless a specific transaction is approved by the board.

Media reports have been circulating this week that the broadcasting giant's controlling owner, the Mays family, was exploring a leveraged buyout transaction to take the company private.

Shares of Clear Channel recently rose $3.54, or 10.9%, to $35.89 in after-hours trading.