CCO - Clear Channel Outdoor +6.6% after winning country's top airport contract

Clear Channel Outdoor Holdings (CCO) has come out of the open up 6.6% after it reported its Clear Channel Airports business has won business from the Port Authority of New York and New Jersey, the country's largest airport advertising/sponsorship contract. The 12-year deal covers new digital displays and sponsorships for brands at airports including John F. Kennedy International, LaGuardia, Newark Liberty International, and New York Stewart International. Once executed (expected in mid-November), CCA expects the new deal will go into effect Dec. 30, and it will start the transformation with Newark Liberty's Terminal One redevelopment in conjunction with new LaGuardia facilities. The deal has unique features including a two-year transition period to account for traffic recovery from the impact of COVID-19; actual MAG due and capex spend each year after the two-year period will be dependent on passenger traffic.

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Clear Channel Outdoor +6.6% after winning country's top airport contract