Clear Channel Outdoor Holdings, Inc. (CCO) - NYSE
  • Thu, Jan. 7, 1:03 PM
    • After vaulting toward the close yesterday over a report that it was discussing selling nearly $1B in billboard assets, Clear Channel Outdoor Holdings (NYSE:CCO) has given it back and then some, down 8.3% today.
    • The company says it's closed a sale of five "non-strategic" outdoor markets to Lamar Advertising (NASDAQ:LAMR), for $458.5M in a pair of transactions.
    • One transaction covers Reno, Nev.; Des Moines, Iowa; and Seattle. Those markets generated $40.9M in net revenues (trailing 12 months). The other covers Cleveland and Memphis, Tenn.; those markets generated $35.6M in net revenues. The $458.5M deal price is a blended multiple of 12.5 times the five markets.
    • The company didn't state a use for proceeds, though it's expected they could go toward the $20B debt load of parent iHeartMedia (OTCPK:IHRT -5.5%).
    | Thu, Jan. 7, 1:03 PM
  • Jun. 19, 2012, 12:44 PM

    Clear Channel Outdoor (CCO +1.8%) CEO William Eccleshare says the company will look at buying CBS's (CBS +1.2%) billboard division, although he would be surprised if anyone will pay the $6B that the broadcaster reportedly wants for it. A deal would boost Clear Channel's sales by almost two thirds.

    | Jun. 19, 2012, 12:44 PM
Company Description
Clear Channel Outdoor Holdings, Inc. operates as an outdoor advertising company. It provides advertising opportunities through billboards, street furniture displays, transit displays and other out of home advertising displays such as wallscapes, spectaculars, neons and mall displays. It operates... More
Sector: Services
Industry: Marketing Services
Country: United States