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Clear Channel Communications Inc. on Friday joined the growing ranks of big media companies electing to break themselves up.
San Antonio-based Clear Channel, the world’s largest radio broadcaster, plans to spin off its live entertainment business and sell 10 percent of its outdoor advertising segment in a stock offering. Live entertainment–concerts and sporting events–comprised 29 percent of Clear Channel’s $9.4 billion in sales last year.
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Edited by Tran Ha (tha@tribune.com) and alBerto Trevino (atrevino@tribune.com)
