How much of Clear Channel Communications does the founding Mays Family still own? The short answer: Not much.
Due to some tax-related selling as restricted stock became vested, the founder of Clear Channel Communications, Lowry Mays, and his two sons, who are still the top two executives, made filings with the SEC updating their holdings in Clear Channel’s parent company, CC Media Holdings.
After selling 9,659 shares on May 22nd at $1.30 each to pay those taxes, Mark Mays, CEO, still owns 686,556 shares. At the same $1.30 price, those have a value of $892,522.
Brother Randall Mays, President and CFO, also sold 9,659 shares and now owns 676,897. At $1.30 each that’s $879,966 worth of stock.
Patriarch Lowry Mays, who still has the title of Chairman Emeritus, sold 3,504 shares to cover taxes. He now owns 74,496, valued at a mere $96,844. That’s pocket change compared to the payout of over a billion bucks he received when Clear Channel was bought out by the current majority owners, Bain Capital and Thomas H. Lee Partners.
By the way, Clear Channel Radio CEO John Hogan also made an updated filing of his holdings with the SEC. He sold 1,963 shares for tax purposes, leaving him with 20,537, worth $26,698.