CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (NYSE:CCO) Files An 8-K Other EventsItem 8.01.
As previously announced, on February 9, 2017, the Board of Directors of Clear Channel Outdoor Holdings, Inc. (the “Company”) declared a special cash dividend payable on February 23, 2017 (the “Payment Date”) to Class A and B stockholders of record at the closing of business on February 20, 2017 (the “Record Date”), in an aggregate amount equal to $282.5 million.
As of the closing of business on the Record Date, there were 47,300,987 shares of Class A Common Stock and 315,000,000 shares of Class B Common Stock outstanding, resulting in a dividend of $0.7797 per share. On the Payment Date, the indirect parent of the Company, iHeartCommunications, Inc., will be entitled to receive approximately $254.0 million of the proceeds of the dividend through its wholly-owned subsidiaries, and the public stockholders of the Company will be entitled to receive approximately $28.5 million.
The dividend will be funded using cash on hand, including proceeds of the sale of the Company’s joint venture interest in the Australia outdoor business, which occurred on October 24, 2016, and the proceeds of the sale of non-strategic U.S. outdoor markets in Columbus, Ohio, and Indianapolis, Indiana, which occurred on February 12, 2016 and January 9, 2017, respectively.
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About CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (NYSE:CCO)
Clear Channel Outdoor Holdings, Inc. is an outdoor advertising company. The Company owns and operates billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes and spectaculars. It operates in two segments: Americas outdoor advertising (Americas) and International outdoor advertising (International). It owns or operates more than 650,000 advertising displays. The Americas segment consists of operations primarily in the United States, Canada and Latin America. The Americas assets consist of traditional and digital billboards, street furniture and transit displays, airport displays, wallscapes and other spectaculars, which the Company owns or operates under lease management agreements. The International segment primarily includes operations in Europe, Asia and Australia. The International assets consist of street furniture and transit displays, billboards, mall displays, Smartbike programs, wallscapes and other spectaculars. CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (NYSE:CCO) Recent Trading Information
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (NYSE:CCO) closed its last trading session down -0.10 at 5.20 with 62,336 shares trading hands.