Legion wants Clear Channel Outdoor to sell off assets faster

Clear Channel Outdoor Holdings

17/10/2023 15:49

NEW YORK, Oct 16 (Reuters) - Legion Partners Asset
Management's Chris Kiper wants out of home media company Clear
Channel Outdoor Holdings  CCO.N  to sell its northern European
assets and Latin American assets after having committed to
selling some southern European assets.
     Legion is pushing the company to take action more quickly
or risk facing a proxy contest where Legion might try to win
board seats. The company's stock has tumbled 31% in the last
twelve months and closed trading on Monday at $1.10.
    He said there is a 200% upside for the stock. 
    "We'd like to see them sell more assets in Europe more
quickly," and in Latin America he said, adding a pure play
business in the U.S. is more interesting.
    If the stock price does not recover, he said there may be a
need for a strategic review of the U.S. assets.     

 (Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)
 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))