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Clear Channel Outdoor

From Wikipedia, the free encyclopedia

Clear Channel Outdoor Holdings, Inc.
Public
Traded asNYSECCO
Russell 2000 Component
IndustryOut-of-home advertising
PredecessorFoster & Kleiser
Patrick Media Outdoor
Eller Media Company
Founded1901 (as Foster & Kleiser)
FounderLowry Mays
Karl Eller
Headquarters,
Key people
William Eccleshare (CEO)
Scott Wells (CEO, Clear Channel Outdoor Americas)
RevenueIncrease US$ 2.95 billion (2013)[1]
Increase US$ 343 million (2013)[2]
Decrease US$ −48 million (2013)[2]
Total assetsIncrease US$ 6 million (2013)[2]
Total equityIncrease US$ 103 million (2013)[2]
Number of employees
5,600 (May 2019)
ParentiHeartMedia Edit this on Wikidata
Websiteclearchanneloutdoor.com
Clear Channel offices in Golden Square, London.
Clear Channel offices in Golden Square, London.

Clear Channel Outdoor Holdings, Inc., also known as Clear Channel Outdoor, is an American out-of-home advertising company based in San Antonio, Texas. It was formerly a subsidiary of iHeartMedia (formerly known as Clear Channel Communications), but was spun out as an independent company in 2019.

History

Clear Channel Outdoor is the oldest outdoor advertising company in the United States, with origins in three predecessor companies: Foster & Kleiser (1901–1986), Patrick Media Outdoor (1986–1995), and Eller Media Company (1959–1997). F&K changed its name to Patrick after Metromedia sold the company to General Electric, and was acquired in turn by Eller in 1995. Patrick would change its name to Clear Channel Outdoor in 2001 after Eller acquired it.[citation needed]

Along the way it also acquired Universal Outdoor (Naegele, Derse), Paxton Outdoor, Ackerley Media, Badger Outdoor, ABC Outdoor, and Hansen Outdoor.

In November 2002, Clear Channel Outdoor announced that it would move its Los Angeles headquarters to a site in the Harbor Gateway neighborhood, in the Harbor Gateway Center being developed by Boeing Realty Corp.[3]

In November 2005, Clear Channel Outdoor announced the initial public offering of 35,000,000 shares of Class A common stock of Clear Channel Outdoor Holdings at a price of $18.00 per share, for a total offering of $630,000,000.[4]

The then-parent parent company changed its name to iHeartMedia in September 2014. The outdoor advertising unit retained the Clear Channel name to protect that trademark; however the company operated an "iHeartBillboards" blog until 2017.[5]

On January 12, 2016, Lamar Advertising Company purchased Clear Channel Outdoor's assets in 5 major U.S. city markets for $458.5 million.[citation needed]

On December 21, 2018, iHeartMedia announced its intent to spin out its majority stake in Clear Channel Outdoor (leaving it as an independent company), as part of a proposed reorganization plan to reduce debt and exit its Chapter 11 bankruptcy. Clear Channel International CEO William Eccleshare would become CEO of the company, and remain situated in London.[6][7] The reorganization plan was approved by the U.S. Bankruptcy Court for the Southern District of Texas in January 2019, and was completed in May 2019.[8][9][10]

Divisions

A bus shelter poster
A bus shelter poster
  • Clear Channel Airports: ads/posters located at major airports.

Awards

In June 2003, the Ad Council presented an award to Clear Channel Outdoor - Los Angeles for disseminating Ad Council public service messages.[12]

See also

References

  1. ^ "Clear Channel Outdoor Holdings, Inc. (CCO) Earnings/Growth Ratio | The Motley Fool". Fool.com. Retrieved 2015-06-12.
  2. ^ a b c d "Clear Channel Outdoor Holdings, Inc. (CCO) Income Statement | The Motley Fool". Fool.com. Retrieved 2015-06-12.
  3. ^ "Clear Channel Outdoor to Relocate to Harbor Gateway Center". Thefreelibrary.com. Retrieved 2015-06-12.
  4. ^ "Clear Channel Outdoor Prices Initial Public Offering". Businessiwre.com. Retrieved 2015-06-12.
  5. ^ "About iHeartBillboards". Archived from the original on April 5, 2016. Retrieved April 21, 2016.
  6. ^ "Clear Channel Outdoor to emerge as standalone company after iHeartMedia restructuring". The Drum. Retrieved 2020-01-22.
  7. ^ "iHeartMedia Agrees to Split from Clear Channel Outdoor Holdings". Digital Music News. 2018-12-24. Retrieved 2020-01-22.
  8. ^ "IHeartMedia wins court approval for a plan to exit bankruptcy". adage.com. 2019-01-22. Retrieved 2020-01-21.
  9. ^ "iHeartMedia Sets Plan for Spin-Off of Outdoor Advertising Business". Billboard. Retrieved 2020-01-21.
  10. ^ "iHeartMedia Emerges From Chapter 11". Radio World. 2019-05-06. Retrieved 2020-01-21.
  11. ^ "Connect Mobile Platform". Clear Channel Outdoor. clearchanneloutdoor.com. Retrieved 19 January 2017.
  12. ^ "Clear Channel Outdoor Los Angeles Receives 2003 Silver Bell Award for Community Service". Thefreelibrary.com. Retrieved 2015-06-12.

External links

This page was last edited on 29 March 2020, at 06:15
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