Sky News reports that Clear Channel Outdoor is close to selling its British assets to Clairvest.  The British inventory includes 2,000 sites across Greater London.  Sky News quoted an industry source as saying the price would be several hundred million pounds and the pound is currently trading at $1.25 so the sale would be $200-500 million.

Clairvest is a Toronto-based middle market private equity firm.   The firm’s website includes Media and Marketing Services as an active industry.  In June 2023 the firm raised $1 billion via Clairvest Equity Partners VII.   Clairvest is not stranger to out of home.  In 2013 Clairvest backed Jorg Cieslok in the purchase of the Canadian out of home assets for Titan Outdoor.  Cieslok Media grew to 130 signs in three years and sold in January 2017 to Bell Media for a 92% IRR on invested capital.  Jorg Cieslok subsequently did a short stint as Adams Outdoor’s President but his Linked in Profile says “provides management advice to private equity and venture capital firms with a focus on media operations”.  We wonder…

Billboard Insider’s take:  A  sale of the UK would be a good thing by giving Clear Channel Outdoor’s management one less overseas distraction even if it does not significantly reduce leverage.  Billboard Insider cannot think of a US out of home company which was thrived overseas.  Different real estate and lease laws, time and distance barriers, different labor rules, different cultures conspire against success.