Post Tagged with: "Clear Channel Outdoor"

Another iHeart Debt Offer Extension

iHeart Media announced yesterday an extension of the date of their private exchange offer from May 26th to June 5th.  Insider reported in April of the Companies decision to move the deadline date for their lenders and bondholders to consider its debt-exchange offer to May 26th.  Now with that date upon them and only 0.6% of the outstanding existing notes being tendered, the Company was forced to make another move.  The Company indicates it will provide time to continue discussions with note holder regarding […]

by John Weller· · 0 comments · Finance

Clear Channel Outdoor Revenue and Cashflow Down in 1Q 2017

Clear Channel Outdoor released 1Q 2017 financials yesterday.  Revenue and cashflow declined,  Here are links to the Seeking Alpha earnings call transcript and the first quarter investor powerpoint.  Insider’s analysis focuses on Clear Channel Outdoor Americas, which includes the company’s North American billboards. Americas Outdoor Revenue declined by $3 million (1%) to $279 million due to assets sales.  Organic revenues were up 0.2% when adjusted for divestitures.   Americas Outdoor Expenses increased $3 million (2%) to $197 million during the […]

by billboardinsider· · Comments are Disabled · Finance

iHeartMedia Creditors Move to Block Debt Restructuring

Reuters reported on Friday the 21st that a group of iHeartMedia lenders have signed a cooperation agreement to oppose the debt overhaul of the largest owner of U.S. radio stations and the parent company of Clear Channel Outdoor. Insider has previously reported  on iHeart and their proposed debt swap. The proposal was originally contingent on a three tier participation scenario providing potential discounts to iHeart on the existing debt of 12-25%, extending the maturity date of the notes and reducing the […]

by John Weller· · Comments are Disabled · Finance

Outdoor Legal: Not Removing A Billboard At Lease Expiry Is Trespass

Did you know that it’s trespass to fail to remove a billboard when your lease expires?  That’s the point of Loukas v Clear Channel Outdoor. Clear Channel Outdoor leased a billboard in Chicago from Loukas, Inc from 1990 to 2012. In 2012 the lease expired. Clear Channel Outoor refused to remove the billboard and the billboard’s 30 foot deep footings claiming that it owned the sign but that the lease did not specifically say that it had to remove the […]

by billboardinsider· · Comments are Disabled · Business

Outdoor Stocks Exceed Market In 1Q 2017

US Out of home stocks outperformed the market during the first quarter of 2017.  A portfolio of the three public US outdoor companies (Clear Channel Outdoor, Lamar Advertising and Outfront Media) increased by 16% per annum during the first quarter of 2017 (3 months ended March 31, 2017) well above the 6% increase for the S&P 500 during the same period. Clear Channel Outdoor stock increased 20% during the first quarter of 2017.   Perhaps the firm’s asset sales and […]

by billboardinsider· · Comments are Disabled · Finance

Road Trip – Tuscon

Insider visited the land of cactus, Kalil, Clear Channel and Advision this week.  First stop, Kalil and Co to see Max Drachman and Kalil’s out of home  and media investment banking team.  It’s a rare day when these nomadic investment bankers are in the same room.   Pictured below left to right: Lou McDermott, Max Drachman, Steve Backerman, Fred Kalil and Frank Kalil III. Tuscon’s population is 41% hispanic. Clear Channel has the market sewed up.  Clear Channel has 948 […]

by billboardinsider· · Comments are Disabled · Business

Clear Channel pulls proposal in St. John’s County

Insider has previously reported on a proposed two year pilot program to test digital billboards in St. John’s County.  Staugustime.com reported yesterday that Clear Channel withdrew its bid for the digital billboards program along Interstate 95. The County Administrator indicated that Clear Channel determined it would be a “better strategy” to drop back, address the community’s concerns, refine its proposal and, perhaps, bring it back for consideration “at some point in the future yet to be determined.” County staff had recommended […]

by John Weller· · Comments are Disabled · Digital Signs

iHeart and Clear Channel Outdoor May Be Separating

First, the press release. San Antonio, TX, March 15, 2017 – iHeartCommunications, Inc. (“iHeartCommunications”) today commenced private offers (the “Term Loan Offers”) to lenders under the Company’s Term Loan D and Term Loan E facilities (“Existing Term Loans”) to amend the Existing Term Loans and/or exchange them for new term loans of iHeartCommunications (the “New Term Loans”), and new securities (the “New Securities”) of iHeartCommunications, iHeartMedia, Inc. (“iHeartMedia”), CC Outdoor Holdings, Inc. (“CCO Holdings”) and/or Broader Media, LLC (“Broader Media”). […]

by John Weller· · Comments are Disabled · Business

Clear Channel Outdoor Revenue down 6% due to to asset sales.

Clear Channel Outdoor released financials for the fourth quarter of 2016 (3 months ended December 31, 2016).  For more details see the 2016 financials and Seeking Alpha Earnings call transcript.  Consolidated Clear Channel Outdoor revenue excluding foreign exchange decreased by 6% to $746 million during the fourth quarter of 2016 due to outdoor plant sales earlier in the year.  Americas revenue was up 3.1% when adjusted for assets sales which tops Lamar’s acquisition adjusted growth of 2% and Outfront’s acquisition […]

by billboardinsider· · Comments are Disabled · Finance

Appeals Court Upholds CCO Tax Assessments

BizTimes in Milwaukee, WI reports that Clear Channel Outdoor lost an appeal on a challenge to $7.2 million in real estate tax assessments  on their 850 billboards. Clear Channel had previously paid the $7.2 million obligation for the years 2009-2013 but had challenged the real estate assessments as invalid arguing that their billboard permits did not fall under the definition of real property. Insider’s take – Two additional items of note include the state law was changed in 2014 to exclude […]

by John Weller· · Comments are Disabled · Regulations