Clear Channel Continues European Exit; Deal Announced Selling French Operations
October 20, 2023 by Dave Haynes
The US-based media company Clear Channel is pushing on with its efforts to largely vacate its European operations and focus on the Americas and airports – the latest move being news that a deal has been reached to sell the business in France to a Paris-based industrial holding company.
The deal has been in the works for a few months, with Clear Channel Outdoor and Equinox Industries agreeing on a purchase price of 42 million EU.
Clear Channel France has some 800 employees and the Equinox people say the plan is to invest in digital, programmatic and other tools to grow the business.
“This transaction is another positive step in our ongoing review of strategic alternatives for our European business and would allow us to further advance our strategic priorities in our Americas and Airports segments,” explains Scott Wells, CEO of Clear Channel Outdoor Holdings.
Once this deal is closed, Clear Channel will have sold subsidiaries in Switzerland, Italy and Spain, and the plan is also sell all of the remaining European business operations. Clear Channel was the third largest OOH operator in Europe, with JCDecaux the largest, followed by Germany’s Stroer.