Clear Channel Puts European Asset Sale on Hold

Clear Channel Outdoor Holdings is reported to have suspended plans to sell its European outdoor advertising business, because of the impact of the weaker euro. The currency has recently fallen to its lowest level against the dollar for over 10 years.

Last week it was rumoured that Platinum Equity, the private equity company which owns Exterion Media in the UK, was interested in acquiring the European assets of Clear Channel Outdoor (Uncertainty Surrounds Exterion Media). This week there has been speculation that private equity firms TPG Capital and Blackstone are interested in both Clear Channel and Exterion Media with a view to merging the businesses to leverage economies of scale.