At Tuesday’s Wells Fargo TMT Summit Clear Channel Outdoor CEO Scott Wells suggested that out of home demand is steady and that a sale of the company’s European assets is inching forward.  Here are the highlights from his talk.

The out of home market is holding up

The market for out of home continues to be steady…We’re getting into steady comps.  The markets continue to be robust.  There’s interest in the category…

Advertisers want to”do the Apple thing.”

Coming out of covid the #1 request from bigger brands is “I want to do the Apple thing.”  The problem is that Apple locks up the best inventory…If I could wave a magic wand I’d want to have more blue chip inventory…

Digital conversions

The revenue uplift is usually 4-5 times.  The digital screen itself is a couple hundred thousand dollars.  You might have to do some fancy structure work…Total cost is in the $400,000-700,000 range.  We’re typically seeing low 20’s return on investment…You haven’t increase the audience but you’ve increased the cpm…In terms of what it costs to a buyer per 4 week period it would be less, but in terms of cpm it’s more.

Europe is inching towards a sale

If it was easy we would have done it before…we have conviction that we need to make changes…I do think you’ll hear some news on that,hopefully before the end of this year…I wouldn’t have a big expectation that is would be deleveraging.

Clear Channel Outdoor won’t be aggressive in M&A

We’re in a moment where liquidity is quite a priority. Acquisitions are discretionary…that’s an area where you’ll see us slow down our pace…

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