Clear Channel Outdoor Holdings, Inc. Sells Interest in Adshel to Joint Venture Partner APN News & Media for AUS $268.4 Million
SAN ANTONIO--(BUSINESS WIRE)-- Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), a subsidiary of iHeartMedia, Inc. (PINK:IHRT), announced today that its Clear Channel Outdoor International segment will sell its interest in Australian out-of-home media company Adshel to joint venture partner APN News & Media (ASX, NZX:APN) for a purchase price of AUS$268.4 million. The transaction closed today, with APN owning 100% of Adshel.
“Following a successful Adshel partnership with APN of almost 20 years, this transaction presents a very compelling exit opportunity for Clear Channel Outdoor, allowing us to focus even more on our core markets – and APN remains a strong and valued partner to iHeartMedia through our partnership in iHeartRadio in Australia and New Zealand,” said Rich Bressler, Chief Financial Officer of Clear Channel Outdoor Holdings. “We will continue to evaluate our global portfolio and seek opportunities to position it for long-term success, always offering advertisers unmatched reach and effectiveness across a unique combination of multimedia assets and platforms.”
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc., (NYSE:CCO) is one of the world’s largest outdoor advertising companies, with over 590,000 displays in 33 countries across four continents, including 43 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 1,074 digital billboards across 28 markets in North America. Clear Channel Outdoor Holdings’ International segment operates in 20 countries across Asia and Europe in a wide variety of formats. More information is available at www.clearchanneloutdoor.com and www.clearchannelinternational.com.
Clear Channel Outdoor Holdings, Inc.
Wendy Goldberg, Executive Vice President – Communications
Eileen McLaughlin, Vice President – Investor Relations
Source: Clear Channel Outdoor Holdings, Inc.
Released October 24, 2016