Clear Channel Outdoor To Review Strategic Alternatives For European Business, Incl Possible Sale

(RTTNews) - Clear Channel Outdoor Holdings Inc. (CCO) said that its board has authorized a review of strategic alternatives for its European business, including a possible sale.

The company raised its fourth-quarter consolidated revenue to a range of $730 million - $750 million from the prior outlook of $715 million - $740 million. Analysts polled by Thomson Reuters expect the company to report revenues of $728.8 million for the fourth-quarter. Analysts' estimates typically exclude special items.

The company reaffirmed Americas revenue, which is now expected to be on the higher end of the range of $360 million and $370 million vs. 2019 Americas fourth quarter revenue of $345 million.

The company also raised the guidance for its liquidity balance, including unrestricted cash and availability under its credit facilities, from between $525 million and $575 million to now expected to be between $550 million and $600 million as of December 31, 2021.