Clear Channel Communications Inc.'s plan to sell more than a third of its radio stations could help bring more diverse voices to the radio industry, experts say — diversity critics contend the company destroyed in the consolidation spree it led in the 1990s.

But, they cautioned, that depends on how San Antonio-based Clear Channel conducts the sale and who buys the properties.

"I'm not sure not sure Clear Channel is going to want to sell them all individually," said Bill Christ, a Trinity University communications professor who tracks the radio industry. "And if one company ends up buying all of them, I don't think it brings any more diversity to the industry."

When announcing its $18.7 billion buyout by an investment partnership Thursday, Clear Channel said it also would sell 448 of its 1,150 radio stations and its 42-station television group.

The radio stations are all located outside of the 100 biggest U.S. media markets, so no San Antonio stations are involved. The radio and TV properties on the sales block collectively contributed less than 10 percent of the company's 2005 revenue.

At least one minority-owned broadcaster, Houston-based Border Media Partners, has its sights on the stations. And owner Tom Castro said others probably do, too.

"We'd like to buy some of those stations," said Castro, whose firm is the nation's largest privately held Hispanic radio group. "We're going to aggressively pursue them."

While Castro said it was possible for one or two big players to purchase all of Clear Channel's sale properties, he said they more likely would be split among 10 to 20 local or regional buyers.

Even though the stations aren't in top markets like New York or Los Angeles, advertising growth in some smaller markets has outstripped that in big cities, he added.

Clear Channel hasn't identified potential bidders for its stations, but has identified the 90 markets where they're located. They include Amarillo; Boise, Idaho; and Shreveport, La.

Radio activists were more skeptical about the sale bringing a wider array of voices to the industry.

They said Clear Channel is shedding its least desirable properties while the company retains control of the big-market stations that are its prime moneymakers.

"Even if they sell off these stations, they're still going to control the main players," said Paul Porter of Industry Ears, a group that has criticized Clear Channel's business practices. "They're still going to be the dominant force. It's incredible to think that they can sell almost 500 stations and still dominate the top radio markets. I think it will be interesting to see who even wants to buy one of these properties."

Clear Channel has been a lightning rod for criticism among music fans and competitors for orchestrating a series of buyouts that made it the largest radio station ownership group.

They complain the company's nationwide dominance stamped out programming diversity on the airwaves.

Craig Aaron of media-reform group Free Press said he would like to see the Federal Communications Commission create incentives for small and minority-owned firms interested in bidding on the properties.

Whatever the outcome of the divestiture, Aaron said it shores up critics' charges that the consolidation led by Clear Channel has not helped the industry.

"I think the lesson here is that bigger isn't always better," Aaron said. "They're finding that just because they get gigantic they're not necessarily better companies and more profitable companies. And we've certainly seen that they don't necessarily do a better job of serving the public interest."

Investors once high on radio stocks have soured on them lately as the companies struggle with sluggish ad revenue and competition from new technologies like Apple Computer Inc.'s iPod and satellite radio.

Despite the investor indifference, Border Media's Castro said he sees value in the Clear Channel properties. And, he adds, so will other independent investors.

"Clear Channel has a duty to its shareholders to get the best price," Castro said. "But, that being said, I think there will be several minority-owned companies that will benefit from this, and I hope ours will be one of them. I think this will bring more entrepreneurial owners back into the industry."