Clear Channel stock is up  28% since  Ares Management disclosed a 7% ownership position in the company on January 18, 2023.  Ares Management is a publicly-traded investment fund which was formed in 1997 to make alternative investments.  It has $341 billion in assets under management.

Billboard Insider’s take: Ares is no stranger to out of home.  It participated in a highly profitable $400 million convertible preferred investment in Outfront in 2020.  Approximately 60% of Ares assets under management are debt.  That’s a help in understanding Clear Channel’s highly leveraged balance sheet and it gives Ares expertise to defend the value of its investment if Clear Channel Outdoor runs into further financial difficulties.

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