Though the stock is off 18% from its 52-week high, shares have more than tripled since the beginning of 1996, when Clear Channel's cofounder L. Lowry Mays took advantage of the Telecommunications Act to gobble up a succession of competitors that included AMFM, Jacor, SFX Entertainment and 26% of Hispanic Broadcasting.
In the decision, Administrative Law Judge Richard L. Sippel ruled that the Tennis Channel had proved Comcast had discriminated against it by relegating the outlet to tiers of service available in fewer homes than Comcast's own Golf Channel and Versus sports channel.