Shares worth $1 billion to be bought back under plan.

The board of directors of Clear Channel Communications has authorized a share-repurchase program of up to $1 billion. The program will be conducted over the next 12 months.

Clear Channel has a market capitalization of $25.96 billion. The San Antonio-based company's stock closed today (March 30) up 40 cents at $42.10.

Clear Channel says it will base decisions on repurchases and their timing on such factors as the stock price, general market conditions and the company's debt levels.

"We believe that the purchase of our common stock represents an attractive opportunity to benefit the long-term interests of the company and its shareholders," chairman/CEO Lowry Mays says in a statement.