Hicks Muse Selling Bulk of Clear Channel Stock

Hicks Muse Tate & Furst is selling much of its Clear Channel stock due to low levels. The buyout firm told the Wall Street Journal that of its 31.2 million shares in the company, it sold 5.7 million shares back to Clear Channel and 16.8 million to Citicorp and plans to sell the rest to Hicks Muse investors.
In a bid to boost share price, Clear Channel said recently it would spin off its struggling entertainment division and sell 10% of the successful outdoor unit in an IPO.
The company recently reported a 7% drop in first-quarter revenue.
Hicks Muse bought up radio stations in the 1990s to create AMFM, which Hicks Muse sold to Clear Channel in 2000.