Clear Channel Outdoor opened on the New York Stock Exchange with common stock priced at $18 per share prior to 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 Outdoor," said Mark Mays, Chief Executive Officer of Clear Channel Inc.
Barry Sayer, CEO of Clear Channel Independent (Pty) Ltd, a joint venture partnership with Independent News and Media on the African continent, commented that the listing allowed international investors the opportunity to make a direct investment into the lucrative 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.
The company operates more than 800,000 billboard, street furniture, transit and point of sale advertising panels in more than 50 countries across five continents, reaching over 500 million people every week. Annual sales reached $2.45 billion in 2004.
