Forbes has caught up to a story Billboard Insider broke on July 28 about Artie Moreno and Ernie Garcia II buying into Clear Channel Outdoor.  See Two of Arizona’s Richest Businessmen Team up on Billboard Bet.  Our favorite quote from the article:

“We believe the group’s position in Clear Channel equity and debt could be motivated by a desire to push the Company towards hiving off some non-core assets in the US, assets which would potentially become a good fit for Verde Outdoor,” said a Cowen research note published earlier this week. “It’s also possible the group could join with other shareholders arguing for more aggressive strategic action in the US, [including] a sale of the entire company.”

Agree and agree.

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