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You Can Now Buy Stock in Clear Channel Outdoor

You Can Now Buy Stock in Clear Channel Outdoor

Clear Channel on Friday announced the IPO of stock in the new “Clear Channel Outdoor Holdings.” The shares were set at a price of $18 per share, and the company raised $630 million.
MarketWatch reported that the IPO pricing was below the $20-to-$22 range that had been estimated ahead of the offering. The new stock closed at $19 Monday.
The Class A common stock trades on the New York Stock Exchange under the symbol CCO. Clear Channel Communications owns the outstanding shares of Class B common stock, representing 99% of the total voting power of the new entity’s common stock.
The media company announced earlier this year it would do an IPO of about 10% of the stock in its outdoor business.

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