Clear Channel May Sell European Assets

Clear Channel Outdoor Holdings is reported to be considering options for its European business, having been approached with offers for the unit by private equity firms. According to a Reuters report, CVC Capital Payments Ltd has been named as one of the firms which has contacted Clear Channel with an offer for the European business, which could be worth up to $3 billion.

Last month, Clear Channel Outdoor reported losses of $7 million for the third quarter, though the company’s president and CFO, Richard Bressler, told investors that Western Europe was a big driver of sales for the company this year (Display Monitor Vol 21 No 43). The European business’s largest markets are in France and the UK and the company also operates sites in Italy, Sweden, Turkey, Poland and the Baltic regions. Earlier this year, the company sold its Russian business to its general director in Russia, Sergei Kolesnikov (Display Monitor Vol 21 No 34).