Clear Channel Sell Adshel Stake To JV Partner APN News & Media For A$268.4 Mln

(RTTNews) - Outdoor advertising company Clear Channel Outdoor Holdings, Inc. (CCO), a subsidiary of iHeartMedia, Inc. (IHRT), announced late Monday that its Clear Channel Outdoor International segment sold its interest in Australian out-of-home media company Adshel to joint venture partner APN News & Media. The purchase price was A$268.4 million.

The transaction closed Monday, with APN owning 100% of Adshel.

Rich Bressler, Chief Financial Officer of Clear Channel, said, "Following a successful Adshel partnership with APN of almost 20 years, this transaction presents a very compelling exit opportunity for Clear Channel Outdoor, allowing us to focus even more on our core markets - and APN remains a strong and valued partner to iHeartMedia through our partnership in iHeartRadio in Australia and New Zealand."