CVC Capital Partners Ltd is among the buyout firms that have approached Clear Channel with an offer for its European outdoor advertising assets, which could be worth as much as $3 billion, the people said in recent days.
About 88 percent of Clear Channel Outdoor is owned by iHeartMedia, which was taken private in 2008 by Bain and Thomas H. Lee Partners for $19 billion. Clear Channel Outdoor is the second-largest outdoor advertising company behind JC Decaux.
About 88 percent of Clear Channel Outdoor is owned by iHeartMedia, which was taken private in 2008 by Bain and Thomas H. Lee Partners for $19 billion. Clear Channel Outdoor is the second-largest outdoor advertising company behind JC Decaux.
Clear Channel's parent company has been struggling to trim $20.5 billion in debt. It unloaded assets such as a 50 percent stake in Australia Radio Network, which it sold earlier this year to APN News and Media.
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