Mark Mays, Chief Executive Officer of Clear Channel Inc. today announced the listing of Clear Channel Outdoor on the New York Stock Exchange. Clear Channel's common stock was priced at $18 per share prior to the commencement of trading under the symbol "CCO". This represents a significant milestone for both Clear Channel Communications and Clear Channel Outdoor as Clear Channel Communications will remain a significant shareholder of Clear Channel Outdoorâ€, Mays said. Clear Channel Outdoor has outstanding growth prospects and is led by the industry's most talented and innovative professionals.
We are extremely proud of the people who make Clear Channel Outdoor the
strong business that it is, and we know that the best is yet to come, he said. Barry Sayer, CEO of Clear Channel Independent (Pty) Ltd, Clear Channel Inc's joint venture partnership with Independent News and Media on the African continent commented that the listing on the NYSE allowed international investors the opportunity to now make a direct investment into the lucrative and cash generative outdoor advertising industry.
The IPO and subsequent listing also strengthened Clear Channel's cash reserves and provided the outdoor business the facility to raise further capital for expansion if desired on an international market, he said.