SAN ANTONIO, June 12, 2023 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced that it has amended its Receivables-Based Credit Facility and Revolving Credit Facility (together, the “Amendments”) with Deutsche Bank AG New York Branch as administrative agent. The Amendments extend the maturity date on […]
Clear Channel Outdoor CEO Scott Wells appeared that the TD Cowen 51st annual technology, media and telecom conference this week. A selection of his comments. Expect More Asset Sales We’re definitely not done…We need to exit Europe in a reasonable time frame to become a REIT. Nothing has changed…It became […]
Some of the highlights from OUTFRONT CEO Jeremy Male’s talk at the 51st Annual JP Morgan Global Technology, Media and Communications Conference last week. What’s up and what’s down Travel was certainly right up there as was legal as well as auto. Health was strong also in Q1. When you […]
At last week’s JP Morgan conference Lamar Advertising CEO Sean Reilly was asked “If Clear Channel were to sell assets what would Lamar be interested in?” Reilly replied: Yes, we’re staying pretty close to that situation. We’re monitoring it. What I can say is, we will not be the solution […]
Clear Channel CFO Brian Coleman and EVP Bob McCuin appeared at the JP Morgan 51st Annual Technology, Media and Communications conference this week. Some of their comments. Brian Coleman asked more questions than he answered when discussing the call by activist shareholder Legion Partners to consider selling US assets. So […]
Moorgate Capital Partners has analyzed out of home leverage and cost of debt trends thru March 2023. The weighted average interest rate on public out of home debt has risen by approximately 1.5% over the last year due to Federal Reserve interest rate increases. Lamar Advertising has the lowest weighted […]
Bloomberg reports that a Blackstone Media investment fund is buying a majority stake in New Tradition. Some details. The transaction values New Tradition at $500-750 million. New Tradition CEO Evan Richheimer and COO Brett Richheimer will stay on to run the company. New Tradition has been expanding. In April New […]
Billboard Insider answers your questions about Legion Partners, the 5% shareholder calling for a sale of Clear Channel Outdoor. Who is Legion Partners? Legion Partners is a California investment fund with $334 million in assets under management. The firm limits itself to 3-4 investments a year and 9-10 portfolio companies […]
Here’s a selection of Billboard Insider reader comments on Legion Partners call for Clear Channel Outdoor to sell. A finance exec says a sale is doable but faces some regulatory barriers. It would be very doable to sell the whole enchilada. Market cap is currently around $516MM. Put a 20% […]
Legion Partners, a 5.1% shareholder in Clear Channel Outdoor, has written a May 16, 2023 letter to the Clear Channel Outdoor board calling for a greater urgency in asset sales. Some of the highlights of the letter. Clear Channel Outdoor stock has underperformed. The letter points out that Clear Channel […]
