Clear Channel Communications, Inc, has denied all media reports regarding sale of its outdoor arm, Clear Channel Outdoor Holdings and added that it had no current intention to effect a disposition of Clear Channel Outdoor Holdings as a stand-alone business.
Paul Meyer, Global President and COO, Clear Channel Communications, said, “We are not in discussions with JC Decaux, or any other company as published involving the sale of Clear Channel Outdoor Holdings, Inc. In accord with our standard policy, neither Clear Channel Communications, Inc, nor Clear Channel Outdoor Holdings, Inc, intends to further comment on market rumours.”
Earlier this month, there were media reports stating that French outdoor advertising company JC Decaux was keen to acquire its main US rival, Clear Channel Outdoor Holdings.
It may be recalled that Clear Channel Communications had announced on November 16 that it had accepted a $26.7 billion buyout bid from a private equity consortium. However, it has until December 7, 2006 to accept competing bids.
Recently Clear Channel sold 448 of its radio stations and 48 TV stations. Clear Channel controls the outdoor advertising unit through a 90 per cent stake.
Clear Channel Communications is a global media and entertainment company specialising in gone from home entertainment and information services for local communities and premiere opportunities for advertisers. Based in San Antonio, Texas, the company’s businesses include radio, television and outdoor displays.