Report: iHeartMedia Close To Selling Some Billboard Assets For $450 Million
January 7, 2016 at 5:15 AM (PT)
Has iHEARTMEDIA found a source of capital to start paying down its debt? Perhaps -- as THE BATON ROUGE ADVOCATE reports, "BATON ROUGE-based LAMAR ADVERTISING CO. reportedly is working on a $450 million deal to buy a big chunk of CLEAR CHANNEL OUTDOOR’s billboards."
On MONDAY (NET NEWS 1/4), ALL ACCESS reported that several creditors were pressuring iHEARTMEDIA "to address its debt problem."
The reported $450 million would come from billboard assets in SEATTLE, CLEVELAND, DES MOINES, MEMPHIS and RENO.
“We don’t comment on stories like this,” LAMAR Chief Financial Officer KEITH ISTRE said in response to a report put out by REUTERS. "CLEAR CHANNEL OUTDOOR also plans to sell up to $400 million of billboard assets in other markets to other buyers, such as privately held billboard companies TOTAL OUTDOOR and REAGAN OUTDOOR, said a source cited by REUTERS. The assets would be sold one by one and not to one buyer, the source added to THE ADVOCATE.