San Antonio, April 15, 2016 – 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 450,000 displays in 31 countries across Asia, Europe, Latin America and North America. Reaching millions of people monthly, including consumers in 43 of the top 50 U.S. markets, Clear Channel Outdoor enables advertisers to engage with consumers through innovative advertising solutions. Clear Channel Outdoor is pioneering the integration of out-of-home with mobile and social platforms, and the company’s digital platform includes more than 1,200 digital billboards across 28 markets in the U.S. and more than 14,000 digital displays in international markets. More information is available at ClearChannelOutdoor.com and ClearChannelInternational.com.