Clear Channel Outdoor Sells Russian Unit

Clear Channel Outdoor is reported to have sold its Russian business to its general director in Russia, Sergei Kolesnikov. Reports suggest that Clear Channel Outdoor had concerns about the political situation in the region as well as instability in the market. Clear Channel Russia originally operated 3,000 advertising locations in Moscow, St Petersburg and elsewhere but is now expected to scale back to just the sites in the northern capital. Clear Channel Russia generated turnover last year of RUB94 million ($2.6 million) and recorded a net loss of RUB3.7 million ($102,661).