Clear Channel Outdoor Holdings, Inc. Sells Interest in Adshel to Joint Venture Partner APN News & Media for AUS $268.4 Million
SAN ANTONIO – October 24, 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.”