JCDecaux Considers Buying Clear Channel Outdoor
November 8, 2006 at 5:58 AM (PT)
French outdoor advertising company JCDECAUX is looking at buying CLEAR CHANNEL's outdoor advertising unit outright, according to a report in the WALL STREET JOURNAL. CLEAR CHANNEL OUTDOOR, spun off by CLEAR CHANNEL a year ago but still 90% owned by the company, is worth about $9 billion in the market right now. A sale could provide more cash to help pay down debt incurred if the parent company is taken private, as CLEAR CHANNEL is considering.
"Combining CLEAR CHANNEL [OUTDOOR] and JCDECAUX would create one of the few global media companies in the world with a lot of potential growth," Co-CEO JEAN-CLAUDE DECAUX told the JOURNAL. "Of course, we're interested."