IHRT
iHeartMedia, Inc.OTCPK - Current
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  • 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