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The company has signed a share purchase agreement to sell its business in France
Clear Channel Outdoor Holdings, a global business specialising in the out-of-home (OOH) and digital out-of-home (DOOH) advertising, has announced the sale of Clear Channel France to Equinox Industries.
Clear Channel Outdoor has signed a share purchase agreement to sell its France business to the Paris-based industrial holding company, which has a wealth of experience in investing and operating.
The latest news has been reported as part of the continued operation for Clear Channel, a US-based company, to gradually sell off its European operations.
Scott Wells, chief executive officer of Clear Channel Outdoor Holdings, says: "This transaction is another positive step forward in our ongoing review of strategic alternatives for our European businesses and would further enable us to advance our strategic priorities in our America and Airports segments.
“At the same time, it positions the Clear Channel France business and its team to operate with greater agility and autonomy in the French market under local, long-term owners."
The proposed transaction means Equinox would acquire full ownership of Clear Channel France which turned over €245m (£213.5m) in the year ending December 31st, 2022.
Wells adds: "Upon completion of this transaction, we will have divested or agreed to divest all of our Europe-South segment operations, a significant step toward our goal of optimising our portfolio in the best interests of our shareholders."
The transaction is aimed to be completed in the next few weeks after duly informing and consulting the approximate 800 employees.
So far Clear Channel has sold subsidiaries in Switzerland, Italy, and Spain with plans to sell remaining European business operations.
Clear Channel UK has yet to comment on any potential sale after previous reported sales fell through.
Speaking to The Media Leader in August, Justin Cochrane, Clear Channel UK &Europe chief executive officer, said: “I can’t really talk about what happens next, but it’s clear that it’s highly likely to be a sale of the rest of the international bits of the business because that’s the only way you can become a US-only business.”
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