Clear Channel Outdoor Holdings, Inc.NYSE
Fri, Nov. 25, 12:42 PM
Wed, Nov. 9, 6:50 AM
Tue, Oct. 11, 1:49 PM
- The airports unit at Clear Channel Outdoor (CCO -1.7%) has signed a four-year deal for the advertising concession at Punta Cana International Airport, in the Dominican Republic.
- That's the airport's first comprehensive, airport-wide ad program, signed with the Corporacion Aeroportuaria Del Este. It gives Clear Channel -- part of iHeartMedia (OTCPK:IHRT +0.7%) -- a reach of 7M passengers annually, in the Caribbean's second-busiest airport.
- Clear Channel's program will be wide-ranging, from state-of-the-art digital displays to large-format static displays and floor displays.
Thu, Aug. 4, 6:52 AM
Mon, Jun. 27, 5:52 PM
- Clear Channel Outdoor Americas (CCO -1.6%) says its airports division has signed a 10-year deal to launch a comprehensive digital ad network at Minneapolis-St. Paul airport.
- The contract begins July 1. That makes Clear Channel Airports the first media company in 13 years to offer terminal-wide ad solutions for customers there.
- Included in the network are "marquee digital assets, large format inventory, marketing and sponsorship opportunities and specialty exhibits."
- Clear Channel says the airport deal makes it the premier out-of-home media provider in the Twin Cities area.
Tue, May 24, 12:02 PM
- IHeartMedia (OTCPK:IHRT +15.6%) has won a court ruling in a dispute over a stock transfer among its units.
- Some senior creditors had given notice of default after it gave $516M worth of common stock in its Clear Channel Outdoor (CCO +1.1%) to an unrestricted subsidiary, Broader Media, a move that could help ease bond sales for the debt-ridden company.
- IHeartMedia filed suit to contest those default notices. Now a Texas state court has ruled that the company was permitted to contribute the shares under its financing agreements.
Wed, May 4, 12:11 PM
- Clear Channel Outdoor Holdings (NYSE:CCO) has given back large gains out of the open, but is still up 4.8% after posting Q1 results where it swung to profit again with the help of non-strategic asset sales.
- The company logged net income of $141M (vs. a year-ago loss of $33M), and had taken a $282M gain tied to sales in nine markets at the beginning of the year.
- Revenues by segment: Americas, $282.5M (down 4.5%); International, $308.2M (down 3.4%).
- OIBDAN declined 5.1% in the Americas segment, to $89.2M, but increased fractionally in International, to $31M.
Wed, May 4, 6:50 AM
- Clear Channel Outdoor (NYSE:CCO): Q1 Net income of $140.1M.
- Revenue of $590.72M (-4.0% Y/Y) misses by $0.96M.
Fri, Mar. 11, 11:39 AM
- Clear Channel Outdoor Holdings (CCO +2.4%) has won the premier display advertising slot for airports in Washington, D.C., giving it heavy access to a heavily trafficked transit stop.
- The company's Clear Channel Airports unit won an eight-year deal to serve Washington Dulles International Airport and Ronald Reagan Washington National Airport from the Metropolitan Washington Airports Authority.
- The deal has a two-year option and further establishes CCO in the out-of-home media market in D.C.
- Displays in the airports will help CCO reach 41M travelers a year; its digital portfolio reaches 50% of the D.C. market, accounting for 8.5M impressions per week, with nearly 3,000 displays covering the market.
Wed, Mar. 9, 6:41 PM
- IHeartMedia (OTCPK:IHRT +4.6%) has won a temporary restraining order rescinding certain notices of default it received from senior creditors who objected to a stock transfer.
- Claiming that covenants were violated, creditors had filed the notices of default after IHeart gave one unrestricted subsidiary, Broader Media, a stake of $516M of common stock in another unit, Clear Channel Outdoor Holdings (CCO -4.5%).
- The restraining order expires in 14 days, according to IHeart's 8-K, though the court may extend it for 14 days beyond that.
- IHeart says it agreed not to do anything with the shares until another hearing can be held.
- Previously: Moody's: Default notice won't change iHeartMedia ratings (Mar. 08 2016)
- Previously: IHeartMedia files suit after receiving default notices (Mar. 08 2016)
Tue, Mar. 8, 7:39 PM
- Receiving a default notice from some of its debt holders isn't going to change ratings for iHeartMedia (OTCPK:IHRT), Moody's says.
- The company owns 90% of Clear Channel Outdoor Holdings (NYSE:CCO), and it received notices of default tied to a share transfer it effected of $516M of CCO's stock to another subsidiary.
- It filed suit earlier to contest those notices.
- If the debt were to be accelerated, though, Moody's says it would consider that a default. It's expecting iHeart to "look for ways to reduce leverage and extend its debt maturities in the near term."
- A restructuring plan that led to bankruptcy would be considered a default, and other options (exchanging debt for another security or buying back debt at a discount) could be considered limited defaults, as distressed exchanges.
- OTCPK:IHRT ended the day down 0.9%; CCO up 0.5%.
Tue, Mar. 8, 12:27 PM
- IHeartMedia (OTCPK:IHRT +8.1%) has filed suit to contest notices of default received tied to a share transfer at its subsidiary Clear Channel Outdoor Holdings (CCO -1.4%).
- The company gave an unrestricted subsidiary, Broader Media, $516M of common stock in Clear Channel Outdoor in early December -- a move that could help sell a new bond for a company struggling to tamp down some $20.6B in debt. But bondholders have objected that covenants were violated by the transfer.
- The creditors filing represent at least 25% of outstanding principal for four of IHeart's priority guarantee notes.
- IHeartMedia has lost money every year since it last posted net income, of $938.5M in 2007.
Mon, Feb. 29, 7:13 PM
- Clear Channel Outdoor Americas (CCO +1.7%) has launched its "Radar" product that offers "geo-fenced" billboards with mobile location data, allowing it to track travel patterns and behaviors of people via their mobile phones.
- The company's using "aggregate and anonymous" mobile consumer data initially from AT&T Data Patterns, Placed and PlaceIQ, and hopes to help its advertisers get better campaigns with much more detailed information about the people passing by its billboards, including average age and gender of people near the billboard, and whether they then visit a store.
- Tom's Shoes is the strategy's first test brand, partnering with Clear Channel on its out-of-home ad campaigns. The company is offering Radar in its top 11 markets today and plans to roll it out around the country later in 2016.
- Meanwhile, the news has alarmed Sen. Al Franken (ranking member and former chairman of the Privacy & Technology subcommittee), who's requesting details from the company about how the info is randomized, whether it's retained, and a list of outside parties sharing info with Clear Channel.
Thu, Feb. 25, 7:15 AM
- Clear Channel Outdoor (NYSE:CCO): Q4 Net Loss of $41.4M
- Revenue of $772.07M (-3.7% Y/Y) misses by $19.5M.
Wed, Feb. 17, 1:27 PM
- Disappointed with capital structure issues at iHeartMedia (OTCPK:IHRT), Topeka Capital's David Miller has downgraded Clear Channel Outdoor Holdings (CCO +2.8%) to Sell from a previous Buy recommendation.
- Shares in CCO have tumbled 59% over the past six months, though Miller has slashed the price target further, to $2 from his previous $11; that's 45% below today's price of $3.63.
- Only 400 radio towers were sold by CCO's parent iHeartMedia vs. an expected 1,000, he notes, and a deal to sell a European billboard business for $3B fell apart.
- IHeartMedia is facing a leverage issue, Miller notes, with $197M in maturities coming due in December, and $8.3B in senior secured debt coming due in 2019.
Fri, Jan. 8, 3:48 PM
- Clear Channel Outdoor's (NYSE:CCO) $458.5M sale of billboard assets to Lamar Advertising will increase its leverage, Moody's says -- but will have the intended effect of improving liquidity at parent iHeartCommunications (OTCPK:IHRT -10.9%).
- The firm says the sale shouldn't affect the ratings of either company; iHeart will see increased chances of buying back debt (which amounts to more than $20B) at a discount or to execute a distressed exchange.
- Moody's says a distressed exchange might be considered a Limited Default, but that depends on the terms of the exchange/buyback.
- Adjusting for the special $0.6026/share dividend paid out yesterday, shares of Clear Channel Outdoor are up 2.1% following the closing of its sale to Lamar.
- Previously: Clear Channel Outdoor closes $458.5M sale, gives back gains (Jan. 07 2016)
- Previously: Clear Channel Outdoor +15.3% on report it's discussing $450M billboard sale (Jan. 06 2016)