An analyst is recommending that stockholders of Clear Channel Communications Inc. vote down the company’s proposed sale to a private equity group, the San Antonio Business Journal reported.

Clear Channel, a San Antonio, Texas-based media company which operates more than 1,200 U.S. radio stations, including six in Des Moines, has a $26.7 billion buyout offer on the table from a private equity group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC. Shareholders were originally scheduled to vote on the matter on March 21, but the Clear Channel board of directors delayed that vote until April 19 in hopes of gaining more support for the deal. Now, a proxy analyst at Institutional Shareholders Services is recommending that stockholders vote down the proposed sale, causing some speculation that a revised offer is now a possibility.

Clear Channel must receive approval from owners of two-thirds of its outstanding stock for the sale process to continue.