CCO - Why Clear Channel Outdoor Stock Just Popped 24%
The stock of Clear Channel Outdoor Holdings (NYSE: CCO) was enjoying a 23.9% renaissance as of 11:45 a.m. EDT today. This morning, Clear Channel announced a deal to sell its 50.91% majority interest in Hong Kong company Clear Media to Cayman Islands-based Ever Harmonic Global.
What does Clear Channel's financial outlook look like? Your guess is as good as theirs. Image source: Getty Images.
This a big deal because of the price. With the coronavirus rampant around the globe, consumer demand in the toilet, and demand for advertisements right there with it, shares of Clear Channel have lost about 80% of their value since the start of this year, and the company now sits just above $300 million in market capitalization. But Clear Channel is about to make back nearly all its current market cap in a single deal, selling Clear Media to Ever Harmonic for $253 million.