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.
You Can Now Buy Stock in Clear Channel Outdoor
You Can Now Buy Stock in Clear Channel Outdoor
