Distributed around Dec. 21.

Clear Channel Communications will execute its spin-off of CCE Spinco by distributing the CCE shares in a dividend around Dec. 21, pending clearance by U.S. securities regulators.

Clear Channel shareholders on December 14 will receive one share of CCE Spinco common stock for every eight shares owned of Clear Channel, which adds up to about 67 million shares. There will be no initial public offering or IPO.

The move means it is difficult to pin down Spinco's true worth as it embarks on life as a free-standing, publicly traded company. The first day of trading will likely be Dec. 22, when Spinco's true market cap will be revealed.

The stock will trade under the symbol LYV on the New York Stock Exchange.