Clear Channel begins trading on stock market

Move follows outdoor company's split from iHeartMedia.

Eccleshare: leads company as worldwide CEO
Eccleshare: leads company as worldwide CEO

Clear Channel Outdoor is to begin trading on the New York Stock Exchange from tomorrow (Thursday) as it completes its separation from iHeartMedia to become a standalone company.

William Eccleshare, worldwide chief executive, will ring the opening bell above the trading floor at the NYSE tomorrow.

MT Rainey, co-founder of Rainey Kelly Campbell Roalfe, and Joe Marchese, president for ad revenue at Fox, are among the new board members at Clear Channel.

Eccleshare told Campaign earlier this year that the out-of-home business will be on the lookout for M&A opportunities.

IHeartMedia, Clear Channel’s former parent company, filed for Chapter 11 bankruptcy in March 2018.

Eccleshare said: "Today marks a significant milestone for our company. This new chapter provides us with the mandate and stability to continue to invest in the transformation of out-of-home, while ensuring that we continue to hold our position as a market leader in a fast-moving and dynamic industry.

"I am excited to lead Clear Channel Outdoor Holdings as we embrace our new-found position as an independent company and build on the strong results both our CCI [Clear Channel International, covering Asia, Europe and Latin America markets] and CCOA [Clear Channel Outdoor Americas] divisions delivered last year."

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