The billboard giant can become a U.S. pure play or weigh a sale of a few of its stateside assets.
Legion is an activist investor whose managing directors are Chris Kiper, previously of Shamrock Activist Value Fund, and Ted White, previously of European activist fund Knight Vinke. Legion prefers to do its activist work behind the scenes, resorting to a proxy fight if amicable discussions do not go well. The firm has significant experience with consumer retail companies.
in May 2019. CCO is currently trading 79% below the pre-deal share price and 65% below its peers since the separation. CCO's underperformance has been linked to several factors, but is largely driven by the company's high leverage, which amplifies volatility, and the sub-optimized conglomerate structure, which increases complexity.
Legion has been actively engaged with the company for the past two years and most recently, had a meeting with management on May 12, where Legion expressed its concerns with the pace and scope of the company's strategic review process. Specifically, Clear Channel has been prioritizing the sale of assets within Europe-South, even though the significantly larger part of the business is Europe-North.
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