Iheart to spinoff Clear Channel Outdoor

[Y2kTheNewOldies]

https://radioinsight.com/headlines/173056/iheartmedia-announces-spinoff-of-clear-channel-outdoor/

Note this spinoff is tied to the restructuring.

As part of its ongoing bankruptcy restructuring, iHeartMedia has reached an agreement to fully seperate its 89.1% stake in Clear Channel Outdoor.

London based Clear Channel International Chairman/CEO William Eccleshare will become CEO of the independent Clear Channel Outdoor Holdings. Scott Wells will be CEO of the business in the Americas. The separation will become official when iHeartMedia exits Chapter 11 bankruptcy restructuring.

 

[Y2kTheNewOldies]

https://news.****************/cgi-bin/rol.exe/headline_id=n36331

More details on the restructuring efforts.

iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc. have reached an agreement on the material terms to fully separate CCOH's business from iHeartMedia, which currently owns 89.1% of CCOH's outstanding common stock. The separation is expected to occur in conjunction with, and is subject to, iHeartMedia's emergence from its ongoing restructuring process. The material terms of the separation are outlined in CCOH's Form 8-K, which was filed with the Securities and Exchange Commission on Monday, December 17.

Effective upon iHeartMedia's emergence, William Eccleshare will become Chief Executive Officer of CCOH. Mr. Eccleshare, who currently serves as Chairman and CEO of Clear Channel International (CCI), has deep experience in creating value for advertisers across the out-of-home industry. He joined CCI in 2009 and went on to lead Clear Channel Outdoor, including full operational responsibility for CCI and Clear Channel Outdoor Americas (CCOA), before assuming his current role, in which he is responsible for overseeing CCI's business operations in 22 countries across Asia, Europe and Latin America. Mr. Eccleshare will be based in London and will also continue to lead CCI as part of his new role.

 

[TheBigA]

There's a bit more to this story than is being reported. Earlier this year, the creditors from iHeart wanted some portion of Outdoor as part of their deal. They were battling over the percentage. That doesn't appear to be mentioned. Just a clean spinoff. No sale of assets. No divesting to creditors. Outdoor is free from any obligation. I wonder why the creditors were willing to let it go.