French Company Eyeing CC Holdings?
August 3, 2009 at 4:58 AM (PT)
CLEAR CHANNEL HOLDINGS, the outdoor advertising unit, could be sold to French company JCDECAUX SA, reports THE NEW YORK POST, which also writes the outdoor ad unit of CBS CORP. could also be a target of a takeover.
"CLEAR CHANNEL is owned by private equity and it's not in their DNA to be in this business for too long, while outdoor advertising at CBS is not their core business," Chairman/co-CEO JEAN-FRANCOIS DECAUX said in a phone interview.
ALL ACCESS reported earlier this month that CLEAR CHANNEL COMMUNICATIONS was running out of options after its outdoor unit failed to attract interest in a $3 billion debt offering (NET NEWS 7/6), setting the stage for the company to break its loan agreements later this year.