160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECalifornia’s bungled $1 billion accounting system The Mays family owns about 7 percent of the company. Lowry Mays is chairman, Mark Mays is CEO and his brother Randall is chief financial officer. CNBC had reported Tuesday that the Mays family was exploring a leveraged buyout of the company. Morgan Stanley analyst Richard Billotti said in a note Tuesday the tough outlook for the radio business and also the need for additional investment would make Clear Channel or any other radio company an unlikely candidate for a leveraged buyout above current market prices. Radio stocks have fallen out of favor with investors in recent months amid sluggish advertising trends and competition for listeners’ time from iPods, satellite radio and other kinds of media. Earlier this year, CEO Jeffrey Smulyan of Emmis Communications Inc. abandoned a bid to take his radio company private. The Clear Channel announcement was made after the close of regular trading on the New York Stock Exchange. In after-hours trading, Clear Channel’s shares rose $2.85, or 8.8 percent, to $35.20. NEW YORK – Clear Channel Communications Inc., the largest radio broadcaster in the country, said late Wednesday that it was studying possible transactions to enhance shareholder value. Speculation has built recently that Clear Channel could be heading for a buyout by the Mays family, which runs the San Antonio-based company. Clear Channel did not say in a brief statement Wednesday whether that was an option being considered, and a company spokeswoman declined to comment. Clear Channel said it was considering various options and had retained Goldman Sachs as a financial adviser. It said it would not comment further unless a specific transaction was approved by its board. Merrill Lynch analyst Laraine Mancini told investors in a note earlier Wednesday that the 10 percent increase in Clear Channel’s share price since Sept. 6 suggested that investors were already factoring in the possibility of a leveraged buyout.