Clear Channel outperformed the stock market for the second quarter of 2023 while Lamar and OUTFRONT lagged the market.

Stock performance for Lamar (green), OUTFRONT (purple), Clear Channel Outdoor (blue) and the S&P 500 (black) for the 3 months ended June 30, 2023

• Clear Channel Outdoor increased 14.2% during the second quarter of 2023.   Clear Channel stock took a big jump starting in mid-May after Legion partners published a letter asking Clear Channel Outdoor to accelerate asset sales.   Clear Channel stock continued to rise after it announced of the sale of Italy and Spain assets for $80 million  on May 30, 2023 and an extension of the company’s AR line and revolving line of credit on June 12, 2023.
• The S&P 500 grew 8.3% during the second quarter of 2023.
• Lamar Advertising declined 0.6%.  OUTFFRONT declined 3.1%.

   

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