Clear Channel Outdoor Holdings Inc's (NYSE: CCO) board authorized a review of strategic alternatives for its European business, including a possible sale.
- Clear Channel Outdoor Holdings Inc's (NYSE:CCO) board authorized a review of strategic alternatives for its European business, including a possible sale.
- "We believe now is the right time to explore options for our European business, which delivered significant improvements in revenue performance in the third quarter, and we now expect Europe revenue in the fourth quarter to exceed our results in the same period of 2019," said CEO William Eccleshare.
- As announced back in July, Eccleshare will become the Executive Vice Chairman on January 1, 2022, and Scott Wells will succeed as CEO.
- Outlook: Clear Channel Outdoor raised its Q4 2021 outlook from $715 million – $740 million to $730 million – $750 million, versus the consensus of $728.8 million.
- Clear Channel Outdoor reaffirmed Americas revenue to be on the higher end of $360 million – $370 million.
- Clear Channel Outdoor raised Europe revenue from $335 million – $350 million to $350 million – $360 million.
- Price Action: CCO shares traded higher by 6.23% at $3.24 in the premarket session on the last check Monday.