The Daily Mail reported Saturday that Clear Channel Outdoor is close to selling the European business to a European private equity firm.  The investment banks Deutsche Bank and Moelis have been running an auction of Clear Channel Outdoor’s European business since February.

Clear Channel Management has said on numerous occasions that they will not talk about the sale until the board approves a transaction.

Billboard Insider’s take:  This is a positive development.  A sale at any price is to be welcomed by removing an underperforming division and a distraction from the faster growing North American billboard business.

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