Clear Channel Outdoor Holdings, Inc. (CCO) In Talks to Sell Billboard Assets Worth $450 Million


Anonymous sources have indicated that Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is currently in advanced talks with the advertising firm, Lamar Advertising Co to sell a number of billboard assets within five cities in the United States. The billboards, which are worth around $450 million according to sources, would allow the company to pay off a portion of their debt held by iHeartMedia, their parent company. The proposed sale would include billboards in the cities of Reno, Seattle, Memphis, Des Moines and Cleveland.

Additionally Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is looking to sell off other billboard assets worth between $350 and $400 million in total to numerous buyers, which include Total Outdoor and Reagan Outdoor.

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) are trading higher in the after market following this news, which broke near the end of the trading day today. The stock increased 5.94% or $0.33 during the last trading session, hitting $5.89. About 980,180 shares traded hands or up 291.64% from the average. CCO has declined 51.81% since June 2, 2015 and is currently downtrending. It has underperformed the S&P500 by 47.12%.

From a total of 4 analysts covering Clear Channel Outdoor Holdings (NYSE:CCO) stock, 1 rate it a “Buy”, 0 a “Sell”, and 3 a “Hold”. This means that 25% of the ratings are positive. The highest target price is $11.0 while the lowest target price is $8. The mean of all analyst targets is $9.33 which is 58.40% above today’s ($5.89) stock price. Clear Channel Outdoor Holdings was the topic of 5 analyst reports since August 18, 2015 according to the firm StockzIntelligence Inc. Topeka Capital Markets maintained shares on November 6 with a “Buy” rating.

The institutional sentiment decreased to 0.56 in Q2 2015. It’s down 0.68, from 1.24 in 2015Q2. The ratio fall, as 12 funds sold all their Clear Channel Outdoor Holdings, Inc. shares they owned while 42 reduced their positions. 9 funds bought stakes while 21 increased their total positions. Institutions now own 39.06 million shares which is 21.30% more than the previous share count of 32.20 million in 2015Q2.

Abrams Capital Management L.P. holds 1.71% of its total portfolio in Clear Channel Outdoor Holdings, Inc., equating to 3.35 million shares. Gallagher Fiduciary Advisors Llc owns 288,805 shares representing 1.02% of their total US portfolio. Moreover, Canyon Capital Advisors Llc has 0.89% of their total portfolio invested in the company, equating to 4.54 million shares. The New York-based Brigade Capital Management Lp has a total of 0.88% of their portfolio invested in the stock. Bbt Capital Management Llc, a Texas-based fund reported 784,367 shares owned.

Clear Channel Outdoor Holdings, Inc