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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%).
Jul. 7, 2015, 10:06 AM
- Lamar Advertising (LAMR -0.5%) says it's acquired Alliance Airport Advertising, adding a number of displays (traditional and experiential) across major airports in five cities: Las Vegas, Phoenix, Salt Lake City, Portland, Ore., and Burbank, Calif.
- The move means Lamar is serving ads at a dozen airports serving 125M passengers per year.
- Alliance founder Shauna Forsythe will lead a new division at Lamar called Lamar Alliance Airport Advertising.
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