Clear Channel Outdoor has signed an agreement to sell its French out of home assets to Equinox Industries.  Clear Channel Outdoor’s french business has 800 employees and annual revenues of  $258 million equivalent in US dollars.  The sale price is $76 million equivalent in US dollars including the $32 million in debt Equinox will assume.   The transaction is expected to close in a couple weeks.

Yahoo Finance reports that on Tuesday activist investor Legion Partners, which owns 5% of Clear Channel Outdoor stock, urged Clear Channel Outdoor to sell more assets in Europe and to divest South America.

Billboard Insider’s take:  $76 million ( including the debt Equinox will assume) is a drop in the bucket compared to Clear Channel Outdoor’s total debt of $5.7 billion.   In our initial report in July on Equinox, Insider shared that the France assets are part of Clear Channel Europe South’s group which had a subpar cashflow margin of 3% in 2022.  If you assume a 3% cashflow margin Clear Channel Outdoor sold France for 5.7 times cashflow in cash and total consideration of 9.9 times cashflow when you include the $32 million state guaranteed loan held by Clear Channel France.

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