ClearChannel Split

(from Yahoo)

SAN ANTONIO - Clear Channel Communications Inc. on Friday unveiled plans to split up its media empire by spinning off its entertainment business. The nation's top radio broadcaster also said profit fell by more than half in the first quarter.

Following the breakup, Clear Channel Entertainment — which puts on concerts and sporting events — will have more flexibility as a separate and "largely unregulated" public company, Clear Channel said.

However, the radio giant will hold onto a controlling stake in Clear Channel Outdoor, which sold some $2.5 billion in billboard ad space last year. The company did not say when or at what price it is planning the IPO.

Listening to: Muse