Clear Channel Outdoor IPO

Clear Channel plans to sell 10% of the common stock of Clear Channel Outdoor in an IPO. It will continue to hold a controlling stake in the outdoor business.
“A partially-separated Clear Channel Outdoor will enjoy greater strategic focus and flexibility,” the company said. “Additionally, Clear Channel Outdoor will be able to supplement its attractive organic profile by pursuing selective acquisitions using a currency based on its inherent valuation rather than the blended valuation represented by the Company’s current common stock.”
It said this will also enable Clear Channel Outdoor to better attract, retain and reward management and let shareholders evaluate the business better.
The firm named Paul Meyer as global president and chief operating officer of Clear Channel Outdoor’s
worldwide operations. He continues to oversee outdoor operations in North and South America.