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Clear Channel sold its Chinese business for $253 million and announced additional cost-cutting measures as it grapples with virus-related obstacles. So reports City A.M.

conclusion of the contract 3100563 640smallThe outdoor ad firm is selling its majority stake of subsidiary Clear Media to a consortium of investors including Clear Media head Han Zi Jing and competitor ad company JC Decaux. Clear Channel expects to use the proceeds to “improve its liquidity position and increase financial flexibility,” according to the article.

Read the full article from City A.M.

 

Last modified on Friday, 17 April 2020
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